§ 486. Maintenance of records. In connection with each contract, the
commissioner and the municipality shall keep adequate records of the
amount of the payment by the state, the amount of federal assistance, if
any, received by the municipality for the project, and of all moneys
expended by the municipality for such project. Such records required to
be kept by the commissioner shall establish the basis for recalculations
of the state financial assistance as required herein. The commissioner
shall have authority to carry out, or to cause to be carried out, audits
of such contracts and records pursuant to rules and regulations
promulgated by the commissioner.