In most states, the executive branch initiates the main appropriation bill for the ongoing operations of state government. Colorado, however, has a strong legislative budget process. The General Assembly's permanent fiscal and budget review agency, the Joint Budget Committee (JBC), sponsors the annual appropriations bill (called the "Long Bill") for the operations of state government.
In preparing the budget for the state each year, the General Assembly receives recommendations from its permanent fiscal and budget review agency, the Joint Budget Committee (JBC). The JBC is charged with studying the management, operations, programs, and fiscal needs of the agencies and institutions of Colorado state government. Throughout the year, the JBC holds a number of meetings and considers a range of documents to help prepare the budget recommendations for the General Assembly.
In accordance with Section 2-3-103(2), C.R.S., we publish an annual report that provides an overview of the OSA's activities during the preceding 12 months, as well as information about the OSA's role and mission, the Legislative Audit Committee, and our staff.
In accordance with Government Auditing Standards, the OSA undergoes an independent, external peer review every 3 years. The review is conducted by a team of experienced auditors from other state audit organizations coordinated by the National State Auditors Association. The purpose of the peer review is to determine if the OSA's system of quality control has been suitably designed and complied with to provide reasonable assurance of conformance with applicable professional standards.
Through a comprehensive strategic planning process, the OSA has defined a mission statement, vision statements, and underlying goal for carrying out its statutory and professional responsibilities. The OSA regularly assesses these mission, vision, and goal statements to ensure their completeness, applicability, and responsiveness to the OSA's current and future needs and operating environment.
Each year state decision-makers are tasked with balancing constitutional, statutory, and federal requirements with a host of other considerations, such as competing policy priorities, caseload growth, and the health of the state’s economy to create a budget. Although the budget is funded with a variety of revenue sources, state taxes provide a significant portion of the revenue Colorado uses to fund its operations.