The State priority system for the award of financial assistance shall be developed by the Department, may be subjected to public hearings and will result in a priority list which shall be used to award the financial assistance. The priority system shall take into account, as appropriate: The water quality or public health impacts of the existing circumstances; The problem prevention aspects of the proposed project; Previous efforts expended to correct any existing problem; The financial capacity of the applicant; Cost effectiveness of a proposed project; Planning requirements; Applicant's plans for monitoring and review; and Measures to assure accountability for all financial assistance. Based on the priority system, the Department of the Environment shall develop a priority list of projects.