DENVER—Independent auditors have found problems with the way an entity working to expand high-speed Internet service in Colorado manages its cash and allocates its costs.
The Denver Post reports ( ) that findings against the intergovernmental Eagle-Net Alliance were disclosed in a report submitted to the state auditor last week. The report also revealed the alliance has lost access to a $17 million revolving line of credit from UMB Bank after drawing just $500,000.
Eagle-Net won a $100.6 million federal grant in 2010 to improve broadband service for schools. But with less than $8 million remaining from its grant, it has connected fewer than half of the 168 school districts it aims to link to broadband.
The report says the alliance agrees with the findings and recommendations and has taken “corrective action.”
———
Information from: The Denver Post,
