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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 /> Report of The Colorado State Auditor 9 <br /> identified only one application that provided a contact name at a bank where a loan had been <br /> sought but denied. Even though information was generally inadequate, seven of the nine <br /> applications were approved by the CWCB and authorized by the General Assembly. The two <br /> remaining applications were received recently and had not yet gone through the approval <br /> process. <br /> The Board did establish an additional requirement in October 1999 which asks applicants to <br /> provide a "summary of the results of applications to all other lenders to which the project <br /> sponsor has applied for f inding of the proposed project." This requirement could not be <br /> tested, however, because of its relative newness. <br /> Overall, we believe that the Board needs to do more to ensure adherence to its application <br /> requirements. Simply in tituting policies will not ensure compliance. The Board should <br /> consider the following: providing more guidance to applicants about its loan application <br /> requirements, rejecting incomplete applications and/or feasibility studies, and providing <br /> more training to the staff who review loan applications. <br /> I <br /> Ensure Projects Adhere: to Statutory Funding Priorities <br /> Statutes mandate the order in ,which monies from the Construction Fund should be spent. <br /> Specifically, the first priority goes to projects that will increase the beneficial consumptive use of <br /> Colorado's undeveloped, compact-entitled waters. The remaining funds should be applied toward <br /> projects that repair and/or rehabi itate existing water storage and delivery systems, maintain the <br /> State's satellite monitoring syster 1,or promote efficient management and operation of agricultural <br /> and multipurpose water systems. in our 1998 audit we found a number of projects that were funded <br /> under the Program that did not appear to be consistent with these statutory priorities. For example, <br /> we found that the Board approved nine loans totaling$9 million to refinance existing loans from the <br /> United States Bureau of Land Reclamation. We questioned whether these loans increased the <br /> beneficial consumptive use of Colorado's undeveloped waters or met any of the other statutory <br /> funding priorities. <br /> Recommendation No. 4 (September 1998): <br /> The Water Conservation Board should ensure that all projects receiving funding under the <br /> Construction Fund Loan Program clearly adhere to the funding priorities established by statute. If <br /> the Board desires to expand the statutory funding priorities, it should work with the General <br /> Assembly to effect these changes. <br /> N <br /> I <br /> I <br />
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