The State Board of Finance complied with laws, regulations, and policies significant to its operations. However, we found instances where state agencies or local governments had not reported certain information to the Board as required by statutes and regulations. These exceptions occurred in part because the Board has not fully developed controls to help ensure state agencies and local governments comply with their responsibility of submitting bond filings and other information.
Several statutes and regulations require state agencies and local governments to submit bond filings and other bonding information to the State Board of Finance. However, we found required information was not always filed. For example, private activity bond certificates of issuance are to be submitted to the Board, but we found no evidence that all certificates had been properly filed. (page 7)
The Board has met with some state agencies and local governments regarding their responsibility for submitting bond filings and other bonding information. Although this is an improvement, it does not provide sufficient control to help ensure state agencies and local governments comply with applicable statutes and regulations. (page 7)