Section 1. (a) There shall be a department of the state auditor, under the supervision and control of the state auditor, which shall be organized as provided in this chapter. The state auditor shall receive a salary of $165,000 and an additional amount to be adjusted biennially to reflect the aggregate quarterly change in salaries and wages in the commonwealth for the most recent 8 quarters as determined by the Bureau of Economic Analysis in the United States Department of Commerce. The state auditor shall give to the state treasurer a bond for the faithful performance of the state auditor's official duties in a penal sum and with sureties approved by the governor and council.

(b) The state auditor shall not receive earned income from any other source but may receive unearned or passive income.