Report of the State Auditor 1993

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10 Water Conservation Board Construction Fund Performance Audit-February 1993 of the Department of Natural Resources, the Attorney General, the State Engineer, the director of the Division of Wildlife, and the staff director of the Board. The staff of the Board includes a director and 29.5 FTEs for FY 1993. The director is the chief administrative head, of the Board and is under the direction and supervision of the Board's governing members. Description of the Construction Fund The Colorado Water Conservation Low-interest loans are granted for 50 Board Construction' Fund, was to 100 percent of the project costs. established in 1971. The General . Assembly enacted legislation that authorized the Board to assist financially in the development and maintenance of water projects. The first priority of the Fund is to undertake projects which will increase the beneficial consumptive use of Colorado's undeveloped compact entitled waters. This is water that is under one of the compacts that allocates water between Colorado and other states and is not put to use in Colorado. The second priority of the Fund is the repair and rehabilitation of existing water storage and delivery systems and for investment in water management projects. Low-interest loans are granted for engineering 'and construction project costs. Loan amounts can vary from 50 to 100 percent of the project costs. The term of loans may extend up to 40 years. The fund is a continuing cash fund, and balances do not revert to the State's General Fund at the end of the fiscal year. The balance in the Construction Fund available for new projects and activities was about $8.3 million at the end ,of FY 1992, as noted in the following chart.