Review of Chapters 759/769 Bond Issuance Limit 2022

Applicable Fiscal Year: 2022

Report Category: Special Project

Secretariat: Finance

Organization: Capital Outlay


This is the Auditor of Public Accounts’ sixth annual report to satisfy the requirements in Chapters 759/769 of the 2016 Acts of Assembly, Items 10 and 11.  This report reviews the annual debt issuance limit enacted by this legislation that restricts the issuance of bonds to support the capital projects authorized by Chapters 759/769 to $300 million annually and determines compliance with the conditions for the initial release of funding.

 We determined that:

 ·         The Six-Year Capital Outlay Plan Advisory Committee is properly monitoring the $300 million annual debt limit, and the Chapters 759/769 project expenditures, totaling $61.2 million, did not exceed the limit during fiscal year 2022.


·         The Department of General Services (General Services) and the Department of Planning and Budget (Planning and Budget) properly submitted quarterly reports during three of the four quarters of fiscal year 2022 on the status of the completion of the General Assembly Building project to the House Appropriations and Senate Finance and Appropriations Committees.  General Services and Planning and Budget did not submit the quarterly report for the first quarter of fiscal year 2022; however, the information was included within the second quarterly report.