Summary of Report 99-044

August 1999

Report Number 99-044

Overall Conclusion

The State Preservation Board's (Board) fiscal year 1998 annual report on the Capitol Fund complies with state regulations and contains reliable information. The Board's 1998 business activities made a profit of more than $656,000. Moreover, the Board established the procedures needed to manage its $80 million Bob Bullock Texas State History Museum Project. In addition, the Board made significant progress in implementing processes and procedures discussed in the previous audit report, A Comprehensive Audit of the State Preservation Board Including a Review of the Capitol Fund (SAO Report No. 98-058, August 1998).

Key Facts and Findings

We found that the 1998 Annual Report on the Capitol Fund is accurate and complies with regulations. The Board is required to prepare the report, and the State Auditor's Office is required to review it annually.

The Board's business enterprises earned a profit for fiscal year 1998 of more than $656,000, which is approximately $96,000 more than expected.

• The Board has established procedures for managing the Bob Bullock Texas State History Museum Project. These procedures include weekly progress meetings with contractors and the use of inspectors, budgets, and detailed project schedules.

• The Board has made significant progress in implementing essential procedures and addressing a previous audit recommendation. Some procedures are not yet fully documented and/or implemented; however, this does not significantly affect the Board's ability to accomplish its goals.

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