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Last modified
8/16/2009 2:34:59 PM
Creation date
1/15/2008 4:12:41 PM
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Board Meetings
Board Meeting Date
11/14/2007
Description
CF Section - Estimate of Funds Available for New Projects in 2008 - CWCB Construction Fund Loans - Loans and Non-Reimbursable Investments
Board Meetings - Doc Type
Memo
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POLICY NUMBER: 13 <br />SUBJECT: TARGET GROWTH RATES FOR THE EQUITY OF THE <br />CONSTRUCTION FUND AND SEVERANCE TAX TRUST <br />FUND PERPETUAL BASE ACCOUNT <br />EFFECTIVE DATE: October 1, 2000 <br />REVISED DATES: January 27, 2004 <br />September 14, 2004 <br />POLICY: The Colorado Water Conservation Board (CWCB) will attempt to <br />maintain an overall growth rate for the equity of the Construction <br />Fund and Severance Tax Trust Fund Perpetual Base Account <br />(STTFPBA) of no less than the long-term rate of inflation, as <br />established by appropriate construction cost indices, plus 0.5%. <br />This will be the "target growth rate" for each fund. <br />PURPOSE: To offset the impacts of cost inflation, to maintain the financial <br />integrity of the CWCB Construction Fund and STTFPBA and to <br />provide a process for estimating the financial resources available <br />for non-reimbursable investments from the Construction Fund in <br />any given year. <br />APPLICABILITY: This policy and procedure apply to the CWCB Construction Fund <br />and STTFPBA. <br />PROCEDURE: The overall growth for the fund equity of the Construction Fund <br />and STTFPBA will be presented as part of the Comprehensive <br />Annual Financial Report by CWCB staff at the September Board <br />meeting each year. Staff will present an annual estimate of funds <br />available for non-reimbursable investments relative to the target <br />growth rate. The estimate of funds available for non-reimbursable <br />investments will be the current fund equity (as of the end of the <br />most recent fiscal year), less the previous year's fund equity <br />increased by the target growth rate. At the same Board meeting <br />each year, staff will present a summary of long-term construction <br />cost indices with any recommendations for revisions to the target <br />growth rate in fund equity. <br />Approved by the CWCB <br />September 14, 2004 Finance Sub-Committee Meeting <br />
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