◼ link - Michael Sandoval/Heritage Foundry
The Colorado Energy Office (CEO) misspent millions in stimulus funds and could not account for a variety of other financial statements, according to a new audit from the Colorado state auditor.
The CEO, charged with administering energy funds from the American Recovery and Reinvestment Act and a host of other energy initiatives, “was unable to demonstrate that $252 million spent over the past six years was spent cost-effectively,” the report concluded. More than half of that amount, roughly $144 million, came from Recovery stimulus monies distributed between the 2009–2012 fiscal years (FY).
The audit found that the CEO did not calculate or maintain annual budgets for any of the 34 programs it administered since FY 2007. “As a result, CEO could not determine the total cost or the total amount spent for any of its programs,” the audit stated.
