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State audit for Colorado State Fair complete"This is the cleanest audit we've had in 12 years" Colorado The Office of the State Auditor has completed its performance and financial audit of the Colorado State Fair. The report highlights one recommendation and no deficiencies. "This is the cleanest audit we've had in 12 years," said State Fair General Manager, Chris Wiseman. "The Colorado State Fair staff and management are dedicated to providing an entertaining, educational expo while understanding the importance of accountability." The report outlines the results of a financial and compliance audit of the Colorado State Fair Authority for the fiscal year ending on June 30, 2008, and evaluate progress in implementing prior audit recommendations. The only recommendation states, "The authority should continue to refine its strategies and pricing policies and also search for efficiencies in its operations to minimize future losses." (page 6) "We completely agree with this recommendation," continued Wiseman. "It is difficult to balance the need for a positive bottom line with the need for a wide range of educational opportunities during the Fair; we constantly work to refine our business practices and pricing policies." The audit also looked at those items recommended from the prior audit. Of those five recommendations, the first has been partially implemented and the other four have been implemented. (page 8) Additional information within the report: Page 4: Fair Background Page 4: Fiscal Year 2008 Financial Highlights Page 9: Independent Auditors' Report Page 16: Statements of Revenues, Expenses and Changes in Net Assets The Office of the State Auditor serves as the government watchdog for the citizens of Colorado. Audits focus on reducing costs, increasing efficiency, improving the quality of services, and ensuring the accuracy and integrity of financial information. The 36-page document, and prior Colorado State Fair audits, are available by visiting http://www.leg.state.co.us/OSA/coauditor1.nsf/ReportPublicDept?OpenForm&Start=1&Count=900&Expand=2&Seq=1. The 2009 Colorado State Fair runs from Aug. 28 to Sept. 7. For more information, visit www.coloradostatefair.com. 2/2/09 Date: 1/28/09
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