The current deadline in the city's Charter is not realistically achievable, and city council has approved an extension to the deadline in recent years.
Ballot measure 2H is a largely procedural question requested by city staff that would extend the deadline in Steamboat’s Charter for when the city needs to complete its independent financial audit.
The audit currently needs to be completed in 120 days, per the charter, but that timeline is not achievable and hasn’t been for several years. This deadline is difficult to meet because the city’s budget has grown in total dollars and complexity, meaning audits require more time. The city is also subject to the availability of audit consultants. Each year, city council has needed to approve an extension to the audit deadline, as independent auditing firms are not able to complete an audit that fast.
If approved, 2H would extend that audit deadline to six months, which aligns with standards used by the state government. If the measure were to fail, the city would likely continue to ask council for extensions to the audit deadline each year.
“We now have 12 individual funds. There is a single audit concept that requires auditing for all our federal grants. We also audit the Local Marketing District and the Steamboat Springs Urban Renewal Authority,” said City Manager Gary Suiter at the Steamboat Pilot & Today election forum. “It is basically a housekeeping measure.”
A ‘yes’ vote allows the city to adjust the audit deadline and avoid the routine of passing extensions to audit deadlines.
A ‘no’ vote would keep the status quo of an unattainable deadline in the charter that needs to be extended each year.
Full Ballot Question:
Shall the City of Steamboat Springs Home Rule Charter be amended to extend the deadline for the completion of the independent audit required by Section 9.11 from one hundred and twenty days to six months by revising Section 9.11 to read as follows:
“Section 9.11 – Independent Audit
An independent audit shall be made of all City accounts at least once annually and more frequently if deemed necessary by the council. Such audit shall be made by certified public accountants selected by the council who shall complete the audit within one hundred twenty (120) days six months after the close of the fiscal year. Copies of such audit shall be made available for public inspection at the office of the City Clerk, and notice that such copies are available shall be posted and published.”?