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Report of the State Auditor 1993
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Report of the State Auditor 1993
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Last modified
3/26/2010 3:55:23 PM
Creation date
9/30/2006 10:13:49 PM
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Template:
Publications
Year
1993
Title
CWCB CF Performance Audit Report of the State Auditor February 1993
CWCB Section
Finance
Author
State Auditor
Description
Performance Audit February 1993
Publications - Doc Type
Other
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<br />22 <br /> <br />Water Conservation Board Construction Fund Performance Audit-February 1993 <br /> <br />a. Establishing long-term funding needs for Board projects and activities: <br />a ten- to twenty-year plan that includes projected funding required to <br />develop and maintain the State's water resources. <br /> <br />b. Assessing current sources of funds and evaluating what can be done <br />given the current sources: an assessment of funds currently available to <br />the Board for accomplishing the long-term goals. <br /> <br />c. Identifying future sources of funding, as needed: a projection of <br />additional funding requirements that may be needed to meet long-term <br />goals. The evaluation should also include projections of the' various <br />funding mechanisms available to the Board. <br /> <br />Colorado Water Conservation Board Response: <br /> <br />Agree. The CWCB has already adopted a schedule for the development <br />of short- and long- term goals for the Construction Fund; short- and <br />long-term funding needs, a projection of revenue available to the Fund; <br />an evaluation and ranking of Construction Fund needs; determination of <br />the funding required to meet the goals and needs; and a monitoring <br />process to assure that these gO,als are being fulfilled. <br /> <br />Statutes Allow the Board Flexibility in Setting <br />Loan Interest Rates <br /> <br />In 1981, statutes authorized the Board to <br />charge interest on its loans. Section 37-60- <br />119(2), c.R.S. provided: "Interest charges shall <br />be assessed at no less than 5 percent." We <br />believe that this means' the Board could have <br />charged higher rates, when appropriate. However, the Board charged the <br />minimum interest rate on almost all of its loans. <br /> <br />Prior to 1992, the Board <br />could set loan interest ,rates <br />at no less than 5 percent. <br /> <br />In 1992, legislation was passed authorizing the Board to set interest rates between <br />o and 7 percent. The Board believed that the minimum interest rate of 5 percent <br />was too high for some borrowers. Also, it wanted more flexibility to establish the <br />interest charges based on the project sponsor's ability to repay and the importance <br />of the project to the State. <br />
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