Audit: NC DOT spent less than planned, but risks remain

Audit: NC DOT spent less than planned, but risks remain

“Consequently, the fact that the department had not yet exceeded its spending plan was largely due to chance,” the auditors wrote. The agency remains at risk for spending overages because it hadn’t carried out 2020 recommendations by Wood’s office, the audit said. They include basing the spending plan on specific projects and operations, and monitoring activities at DOT’s 14 regional highway construction and maintenance offices.

The audit, announced Tuesday by State Auditor Beth Wood, showed that DOT spent $2.52 billion for the six months ending last Dec. 31, or $325 million less than its baseline spending forecast. But the improved financial result didn’t happen due to efforts by DOT management to spend for roads and other projects based on realistic expectations, the report contends. In an attached response, DOT Secretary Eric Boyette wrote that the agency agrees with the findings and is now working to carry out the 2020 recommendations.

For example, DOT said, regional highway office engineers receive biweekly maintenance spending reports, and regional staff meet with higher-ups when spending goes outside recommended ranges. And purchases above $500 are reviewed for approval by the regional engineer or chief engineer, depending on the amount. “While full implementation is not complete, progress has been made and is continuing,” Boyette wrote.

A state law approved following the 2020 audit, and as COVID-19-related revenues for road-building declined, gave legislative leaders the authority to pick six Board of Transportation members. DOT performance audits are now required annually. And a new position was created within Gov. Roy Cooper’s budget office to scrutinize DOT, which is one of the governor’s Cabinet departments. DOT finances are in significantly better shape compared to three years ago, when widespread storm repairs required outsized spending that led to a 2019 cash bailout of the agency. 2020 revenue declines related to COVID-19 delayed construction and led to department-wide furloughs. The department’s unreserved cash balance was $1.1 billion at the end of 2020, compared to just $214 million six months earlier, according to DOT data. The balance has now soared to just over $2 billion.

The News Highlights

  • Audit: NC DOT spent less than planned, but risks remain
  • Check the latest update on business news
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Parents Praise Chinese Rules Targets at Kids’ ‘Unhealthy’ Gaming
Parents Praise Chinese Rules Targets at Kids’ ‘Unhealthy’ Gaming
“If my children get their hands on our mobile phones or an iPad, and if we don”t closely monitor their screen time, they can play online games for as long as ...
The new NSO Zero-Click Attack bypasses all iPhone security to gain secret access to your data
The new NSO Zero-Click Attack bypasses all iPhone security to gain secret access to your data
This was discovered by Citizen Lab (highlighted by Techcrunch), a Toronto-based watchdog group, who analyzed the activist’s iPhone 12 Pro and found traces ...
Miami-specific encryption could ‘revolutionize the way governments are financed’: Mayor Suarez
Miami-specific encryption could ‘revolutionize the way governments are financed’: Mayor Suarez
“It is generating $2000 every 10 minutes and over $5 million in the last 30 days so it’s on pace to raise about $60 million,” he continued, noting “it’s not an ...
Armed thieves steal money from Portillo drive-thru order takers in Niles: police
Armed thieves steal money from Portillo drive-thru order takers in Niles: police
Police continue to investigate the armed robbery. The second suspect was described as a Hispanic male with a thin build, wearing a blue hooded sweatshirt. ...
Piper Sandler Research Analysts Lower Earnings Estimates for Apple Inc. (NASDAQ:AAPL)
Piper Sandler Research Analysts Lower Earnings Estimates for Apple Inc. (NASDAQ:AAPL)
AAPL has been the subject of several other research reports. DZ Bank restated a “buy” rating on shares of Apple in a research report on Tuesday, August 10th. ...
COVID cases rise in Mills County |  News
COVID cases rise in Mills County | News
In terms of vaccination, Lynes says the vaccine is doing its job in preventing severe illness and potential death. As of Thursday, Mills County’s 14-day ...
Fitness business starts on Center Street in Ashtabula
Fitness business starts on Center Street in Ashtabula
Functioning Excessive Depth Interval Coaching, or F.H.I.I.T., was the point of interest of exercise because the Better Ashtabula Chamber of Commerce held the ...
Answers to the Amazon LG Gram Laptop Quiz: Get Rs. 10,000 in Amazon Pay Balance
Answers to the Amazon LG Gram Laptop Quiz: Get Rs. 10,000 in Amazon Pay Balance
The process is the same as the other Amazon quiz contests. You will have to download the Amazon mobile app from the Google Play Store or Apple App Store. ...
Inside Q&A: Serving the Neglected for Profit, Not Just the Good
Inside Q&A: Serving the Neglected for Profit, Not Just the Good
After partnering with basketball legend Earvin “Magic” Johnson around the turn of the millennium, Turner raised $300 million to build shops and affordable ...
Kanawha County Schools Fight COVID-19
Kanawha County Schools Fight COVID-19
While a student is in quarantine, teachers will teach them virtually for an hour after school. When an isolated COVID outbreak happens, classrooms are ...
Show next
Compsmag - Latest News from tech, business and health
Logo