11 ‎(6)‎

• Board Meeting Date: 7/21/2009
• Description: CF Section - General Fund Transfer Impacts to Finalcial Policies
• Board Meetings - Doc Type: Memo

STATE OF COLORADO
Colorado Water Conservation Board
Department of Natural Resources
1313 Sherman Street, Room 721
Denver, Colorado 80203
Phone: [phone]
Fax: [phone]
www.cwcb.state.co.us
Bill Ritter, Jr.
Governor
TO: Colorado Water Conservation Board Members
Harris D. Sherman
DNR Executive Director
FROM: Kirk Russell, P.E.
Jennifer Gimbel
Mike Serlet, P.E., Chief
CWCB Director
Water Supply Planning and Finance Section
Dan McAuliffe
Deputy CWCB Director
DATE: July 14, 2009
Agenda Item 11 – July 21-22, 2009, Board Meeting
SUBJECT:
Water Supply Planning and Finance Section – General Fund Transfer
Impacts to Financial Policies
________________________________________________________________________
Introduction
This is a discussion item and no Boar d action is required at this time.
Due to recent actions of the State Legislature, staff is considering changes to the Financial
Policies of the CWCB. These changes reflect the im pact of the cash transfer of $10 million from
the Construction Fund and $97 million from the Severance Tax Trust Fund Perpetual Base
Account (Perpetual Base) to the State’s Gene ral Fund. The cash transfer will affect how CWCB
performs its mission and how it finan ces water projects in the future.
Background
The CWCB Financial Polic ies were brought about in order to address a performance audit in
September 1998. They attempt to provide staff and the Board with clear guidance for the use of
the Construction Fund and Perpetua l Base Account monies. It is understood that the Board has
the right to over-ride or modify a policy to addr ess “future needs and responses to those needs”
of the water community.
This agenda item focuses on three Financial Policies:
Policy No. 1
- Construction Fund and Perpetual Ba se Account Project Time Limits
The Board approved Financial Policy #1 at th eir September, 1999 Board meeting. The policy
limits the amount of time between Board/Legislativ e authorization of a loan or grant and an
Water Supply Protection • Flood Protection • Stream & La ke Protection • Water Supply Planning & Finance
Water Conservation & Drought Planning • In trastate Water Management & Development