Laserfiche WebLink
1 <br /> 44 Construction Fund Loan Program Performance Audit-September 1998 <br /> I <br /> Recommendation No. 12: <br /> The Water Conservation Board should establish a rocess for reviewing each loan <br /> P g <br /> prior to disbursing project funds and at various times thereafter. The process should <br /> ensure that projects have sufficient collateral and liability insurance, evidence that <br /> the borrower has completed a feasibility study and met all other contingencies, <br /> correct amortization schedules,properly approved contracts,evidence of appropriate <br /> UCC-1 statement filings, and other required documentation. <br /> Water Conservation Board Response: I <br /> Agree. DNR and CWCB staff are in the process of reviewing the structure <br /> of similar programs at other public agencies and reevaluating Construction I <br /> Fund Loan Program workload allocation and priorities (see attached letter <br /> from the Acting DNR Executive Director). These reviews will be completed <br /> by June 30, 1999. 1 <br /> Recommendation No. 13: <br /> The Water Conservation Board should improve its procedures for maintaining loan <br /> records, including developing a consistent,centralized filing system. I <br /> Water Conservation Board Response: <br /> Agree. In response to the dramatic increase in the number of projects <br /> supported by the Program during the last five years, the CWCB staff has <br /> already contracted with a systems analyst graduate who has designed a <br /> sophisticated relational database for tracking and maintaining our loan <br /> records. CWCB staff has started populating the database and expects to <br /> complete the project June 30, 1999. We will also initiate a study of the <br /> feasibility of an electronic imaging system to improve the integrity and <br /> accessibility of the loan records to both CWCB staff and to the DNR <br /> Accounting Section staff. That feasibility study should be completed by <br /> February 1, 1999, so that a funding request may be proposed in the 1999 <br /> legislative session. Any proposed imaging system would, of course, be <br /> consistent with other imaging projects currently underway in the DNR that <br /> have been approved by the Information Management Commission (IMC). <br /> I <br /> 1 <br />