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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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1 <br /> 6 Evaluation of Actions Taken on Colorado Water Conservation Board as of December 1999 1 <br /> General Assembly to make the statutory changes needed to reduce the cash balance of the I <br /> Construction Fund. <br /> Water Conservation Board's Report Response I <br /> P p <br /> (September 1998): <br /> I <br /> Agree. The CWCB staff will incorporate consideration of the severance tax funds <br /> and current interest rates in the next revision to the Long-Term Financial Projection by <br /> January 1, 1999. Although the basic methods used in estimating revenues,fund balance,and <br /> needs are sound,there are many assumptions and predictions that must be made in applying <br /> these methods (e.g., interest rates and construction schedules). These factors are expected <br /> to illuminate a variety of policy issues, including the desired duration of the funding <br /> assistance and the committed and uncommitted cash balance needed to serve the existing and <br /> future purposes of the Fund. These issues deserve further consideration by the Board and I <br /> the interested constituencies before further legislative direction is considered. Revision of <br /> the Long-Term Financial Projection has been delayed for over a year based upon interest <br /> expressed by the Board and many legislators in conducting regional water supply planning <br /> meetings around the State to test our forecasting of future project needs. <br /> It is important to note, however, that the demand for funding to develop Colorado's water <br /> I <br /> resources is increasing. The future need for funds to develop Colorado's water resources is <br /> demonstrated by recent studies by the CWCB, the Colorado Farm Bureau, and the support <br /> for House Bill 98-1288 (the proposed Water Resources Act of 1988, which was postponed I <br /> indefinitely, but is expected back next session). The proponents of House Bill 98-1288 <br /> estimated that as much as$100 million might be needed to motivate the necessary planning <br /> at the local or regional level. Local water providers and local governments will need a II <br /> significant amount of additional funds to develop the water supply improvements and <br /> mitigate the impacts that are likely to be recommended in local plans. I <br /> Implementation Date: January 1999. <br /> Water Conservation Board's Update (October 1999). <br /> 1 <br /> In progress. A revised Long-Term Financial Projection Model has been developed by I <br /> Andersen Consulting that will be reviewed by the CWCB Board at its January 2000 Board <br /> meeting. The CWCB staff will convene regional water supply planning meetings during late <br /> 1999 and early 2000 to determine future water project needs. Information developed from <br /> these meetings will be used to determine the required cash balance of the Construction Fund. <br /> I <br /> I <br /> I <br />
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