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<br />." <br />';': <br />F'" <br /> <br />The recent Construction Fund Performance Audit by the State Auditor's Office <br />recommended internal processes and procedures be set up to avoid this problem in the <br />future. Those processes have been implemented and will be reviewed in the upcoming <br />financial audit of the Construction Fund by an independent accounting firm. <br /> <br />f <br />- <br /> <br />Discussion <br /> <br />It is necessary to reverse the backlog of past project account balances to make <br />those funds available for other projects. The DNR Controller has determined that the <br />Board should recommend reversal of these past project accounts in order to provide <br />official documentation for his records. <br /> <br />To determine final project account balances and to verifY that each project listed <br />has been completed, de-authorized, or amended, staff has researched each project file, <br />confirmed project status with the appropriate borrowers or agencies, verified project <br />information with the individual project managers (if they were still available) and <br />reviewed project balances with the Controller. <br /> <br />The list of tabulated projects may not be complete, however we feel it represents <br />95% of all the completed projects with residual funds. Further research is continuing and <br />should be completed simultaneously with the Construction Fund financial audit. <br /> <br />- <br /> <br />Recommendation <br /> <br />Staff recommends that the Board instruct the Department of Natural Resources <br />Controller to reverse the residual account balances for the attached list of Construction <br />Fund projects back to the unreserved cash balance in the Construction Fund (Fund 424) <br />in order to make the residual project funds available for future water supply project loans, <br />feasibility studies, grants, and non-reimbursable projects and studies. <br /> <br />e <br />