Despite intensified scrutiny, Steamboat financial audit finds no discrepancies

Although technically late, the Steamboat Springs Finance Department acquired glowing marks in the city’s yearly audit. 

The city’s 2021 Once-a-year Thorough Economic Report was issued on Could 17, and Town Council publicly reviewed the unbiased auditors’ findings and views on Monday, June 20. 

“You’ve obtained a clean belief,” stated Kimberley Higgins, the licensed personalized accountant who performed the audit.

“It’s the finest you can get,” she added, asserting that any independent CPA organization must arrive to the very same summary if executing the audit. 

“Technically, we’ve experienced a violation of our personal property-rule charter every year,” Metropolis Supervisor Gary Suiter stated. “It’s really quite hard to get done inside Q1 at the finish of March.” 

The point out deadline for comprehensive fiscal experiences is 6 months right after the earlier year, meaning this year’s audit is on time in accordance to the point out, but the city’s constitution states the annual audit must be submitted and acknowledged by the stop of March. 

The finance department is proposing introducing an amendment to the city’s constitution that would increase the deadline for publishing and acknowledging their yearly in depth economical reports to some thing “more sensible,” according to Suiter. 

The amendment desires a vast majority vote by Town Council to be created into a ballot concern mainly because all alterations to the city’s constitution ought to be finished via a community election. If permitted by council, the community can expect to see the amendment on this November’s ballot. 

Higgins and Jeff Burch, both of those from the organization Eide Bailly, audited the city’s monetary statements to make sure they are absolutely free of “material misstatement,” and to specific an view about regardless of whether the financial statements are presented fairly and in accordance with normally approved accounting ideas. 

Higgins and Burch identified no deficiencies in inside controls and no instances of noncompliance with the city’s use of cash from federal awards.

“The federal govt is anxious about fraud, waste and abuse,” claimed Higgins, who explained that in the wake of the article-pandemic recovery period, federal officers have intensified their scrutiny on how federal bucks are getting managed by neighborhood governments and firms.

This year’s audit provided new tips to be certain compliance for federal award programs. In 2021, Steamboat obtained about $6.5 million from the Office of Transportation, of which the metropolis spent about $5 million.

The report also highlighted the city’s growing equity. The city’s expenses were being $53 million compared to $84 million in earnings, equaling a $31 million raise in net situation. The conclude-of-calendar year internet place for Steamboat was $273.8 million. 

“You had an exceptional yr in 2021,” reported Higgins.

According to the report, 70% of Steamboat Springs’ internet place — by much the largest chunk — is a reflection of the city’s investment decision in cash belongings these as land, properties, machinery and machines. 

Right after the report, Metropolis Council president Robin Crossan congratulated the city’s Finance Director Kim Weber. 

“Our complete accounting staff stepped up and designed it come about,” claimed Weber. 

To attain Spencer Powell, simply call 970-871-4229 or e mail him at [email protected]