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Report of State Auditor 1999
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Report of State Auditor 1999
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6/4/2014 9:41:09 AM
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Publications
Year
1999
Title
Report of the State Auditor
CWCB Section
Finance
Description
Evalation of Actions Taken on the 1998 Colorado Water Conservation Board Construction Fund Loan Program as of December 1999
Publications - Doc Type
Tech Report
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I <br /> IReport of The Colorado State Auditor 5 <br /> 3 <br /> I (e.g.,number of loan payments received on time,number of requests for payment processed $'" ' <br /> within a given time frame, percentage of loans in compliance with the Board's insurance <br /> I re adding measures such as these so <br /> requirements). v_itil a uirements . The Board should consider ang per `� <br /> ` <br /> that the General Assembly and other interested parties have a more comprehensive picture ,k �';kx <br /> of how well the Program is operating on a day-to-day basis. k % k <br /> The Board has established mechanisms to monitor and report on the implementation of `4'\ <br /> procedures intended to improve the Program. To date, however, the Board has monitored 0' <br /> I and reported only on the status of the 1998 audit recommendations. Although actions taken <br /> in response to the audit recommendations are intended to improve the operations of the <br /> Program,it is unknown w`iether the Board will continue its efforts to monitor and report on <br /> Iimprovements related to the Program after the audit process is finished. <br /> IImprove Methods for Estimating Fund Receipts and Disbursements <br /> I In the 1998 audit we found that a large cash balance existed in the Construction Fund during Fiscal <br /> Years 1994 to 1998. The average cash balance during this time was$91.5 million. On the basis of <br /> several assumptions, we estimated that the Program could reasonably operate with a cash balance <br /> I of about $39 million. We concl jded that the Board should consider either increasing its rate of <br /> disbursements or work with the General Assembly to use excess money in the Fund for other worthy <br /> pursuits. <br /> Inane <br /> effort to manage the cash balance in the Fund, the Board attempted to estimate the Fund's <br /> future cash balance,receipts,and disbursements over a ten-year period(Fiscal Years 1997 to 2006). <br /> IStaff projected that the Fund's -:ash balance would be about $8 million by Fiscal Year 2006. <br /> However, we found that some of the assumptions used by staff in conducting this projection were <br /> not accurate, resulting in an unrealistically low ending balance in Fiscal Year 2006. For example, <br /> I the Board's revenue projection did not include severance tax monies. Using what we considered to <br /> be more realistic assumptions,we estimated that the cash balance would be $148 million in Fiscal <br /> I Year 2006, $140 million more than the Board's projection. Further, we found that the Board had <br /> not adopted a formal marketing plan for the Program, which made it difficult to judge demand for <br /> construction funds. <br /> IRecommendation No. 2 Se p tember 1998). <br /> IThe Water Conservation Board should improve its methods for estimating the receipts and <br /> disbursements associated with the Construction Fund Loan Program. The Board should also assess <br /> I the effectiveness of its marketing efforts and determine if the demand for the Program is being met <br /> with the existing level of receipts. If the demand is being met, the Board should work with the <br /> I <br /> I <br />
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