Title
Performance Audit of Capital Budget Processes
Report Type Final Report 
Date Published February 2005 
Publication Number 05-7 
Mandate
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Abstract
The 2003-2005 Capital Budget directed JLARC to conduct a performance audit on the strength of investment practices for major state facility projects funded in the Capital Budget.  This JLARC performance audit focused primarily on major projects costing over $5 million funded over the past five biennia (1995-97 to the start of 2003-05).  In this study we describe the criteria used to evaluate agency planning and execution activities, provide an overall assessment of performance, and highlight good practices and areas of concern.  The study also looks at executive branch oversight activities and provides an overall assessment of performance and areas of concern.  JLARC’s evaluation of the capital process finds the greatest weakness centers on resources and priorities of the Office of Financial Management (OFM).  The study’s recommendation instructs OFM to work in consultation with the Legislature  and agency capital staff to address the weaknesses in oversight outlined in the report.
Author(s)
Karen Barrett, Analyst
Isabel  Muñoz-Colón, Analyst
Deb Frazier, Analyst
John Woolley, Analyst

Cindi Yates, Project Supervisor
Print Availability Request hard copy from the JLARC Publications Officer
Number of Pages 80 
Keywords Capital budget, capital financing, capital construction, budget, process, project, portfolio, contractor, construction, large project, major facility, facilities, Office of Financial Management, OFM, oversight 
Category State/Local Government