Report 2012-037 Recommendation 1 Responses
Report 2012-037: Department of Housing and Community Development: Awards of Housing Bond Funds Are Appropriate, but Cash Balances Are High and Monitoring Continues to Need Improvement (Release Date: October 2012)
Recommendation #1 To: Housing and Community Development, Department of
To ensure that it does not exceed the maximum amount specified in state law for administrative costs for the BEGIN Program, HCD should continue to reevaluate, as appropriate, its administrative support costs projection and continue to monitor its future costs.
60-Day Agency Response
HCD currently forecasts all costs for the life of the program and has a monitoring process to inform management of the need to adjust program administration to keep costs within statutory requirements. HCD indicated that it will continue to re-evaluate its administrative support cost projections and continue to monitor actual program costs. As such, HCD explained that it will maintain documentation of these business practices as needed. (See 2013-406, p. 107)
- Response Date: December 2012
California State Auditor's Assessment of 60-Day Status: Fully Implemented
Agency responses received after June 2013 are posted verbatim.