To ensure that expenditures were consistent with bond laws and that the project achieved the intended benefits or outcomes agreed to when the project was originally awarded, Finance should conduct audits of, or approve and assure that, Water Resources and other agencies obtain audits of, Strategic Growth Plan bond expenditures.
As of July 2011, Finance has issued four additional Strategic Growth Plan (SGP) department bond audit reports and Finance is currently auditing Water Resources. Additionally, in fiscal year 2011-12 we completed audits of 69 grant awards totaling over $95 million in bond proceeds. As previously noted, all state agencies administering SGP bonds have either entered into an interagency agreement with Finance to conduct audits or have made arrangements with other entities, with the approval of Finance, to conduct the required audits. Accordingly, we will continue to conduct audits as required by Executive Order S-02-07. All bond audit reports are posted the Bond Accountability website at www.bondaccountability.ca.gov.
Agency responses received after June 2013 are posted verbatim.