Department expenditures of bond proceeds are subject to audit to determine whether
the expenditures made from bond proceeds:
- Were made according to the established front-end criteria and processes.
- Were consistent with all legal requirements.
- Achieved the intended outcomes.
To comply with this requirement, Departments will contract with the Department of
Finance or will perform the audits internally through methods pre-approved by the
Department of Finance. In general, projects will be subject to a close-out review
at the time the project is complete and prior to releasing final funds. The purpose
of the close-out review is to ensure all project components were completed according
to program guidelines and the terms of the project agreement, including project
scope and budget. Project Proponents must comply with all current laws and regulations
which apply to the project and submit documents summarizing total project costs
and all additional funding sources.