RD576 - Review of Chapter 759/769 Bond Issuance Limit - Fiscal Year 2017

Executive Summary:

This is the Auditor of Public Accounts first annual report to satisfy the requirements in Chapters 759/769 of the 2016 Acts of Assembly, Items 10 and 11. This report reviews the annual debt issuance limit enacted by this legislation that restricts the issuance of bonds to support the capital projects authorized by Chapters 759/769 to $300 million annually and determines compliance with the conditions for the initial release of funding.

We determined that:

• The Six Year Capital Outlay Advisory Committee is properly monitoring the $300 million annual debt limit, and the Chapter 759/769 project expenditures, totaling $25.8 million, did not exceed the limit during fiscal year 2017.

• The Governor approved a decision brief related to the Capital Complex project on April 20, 2016, and Item 11 of Chapter 759/769 is satisfied. Therefore, the Departments of General Services and Planning and Budget properly released funding for the detailed planning and construction for the other projects in Chapter 759/769.

• General Services and Planning and Budget properly submitted quarterly reports during fiscal year 2017 on the status of the completion of the General Assembly Building project to the House Appropriations and Senate Finance Committees.