Colorado Energy Office Can’t Account for $252 Million In Last Six Years

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RedState:

Colorado Energy Office Can’t Account for $252 Million In Last Six Years

 

By: kforti (Diary) | January 29th, 2013 at 01:59 PM

A 2012 performance review of the The Colorado Energy Office (CEO) revealed several disturbing findings by the State Auditor last month, which included a non-existent accounting system for CEO’s 34 programs, a runaway budget, and staff who had no knowledge of program goals or standards. The forty-eight page report was was dated December 18, 2012 and included background information on the CEO, key facts and findings, the State Auditor concerns, and recommendations for the CEO moving forward.

The CEO audit’s key findings showed the entire Office operating without a budget or accounting system for any of its programs in current operation as well as staff members who had no knowledge of the purpose or expectations of their respective programs. Twenty of twenty-two contracts reviewed had incorrect or missing information and dozens of expenditures lacked the proper justification or reporting.

State legislators reacted strongly to the release of the audit report and many more demanded action be taken. Owen Hill, the freshman Republican Senator from Colorado Springs, was one of the legislators taken aback by the State Auditor’s facts and findings.

Hill, who holds an advanced degree in Economics and has a background as a non-profit CFO and financial executive, remarked, “I would be in jail if I did this as a CFO. This makes Enron look like good accounting.”