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Council approves $250,000 cap for LURA forensic audit after heated debate over scope, costs and Hip Streets financing
Summary
Following extensive public comment and council questioning, Loveland City Council approved an IGA with the Loveland Urban Renewal Authority and a first-reading appropriation up to $250,000 to engage Ernst & Young for an initial forensic assessment of LURA financial activity; debate focused on whether the amount merely scopes an audit or buys an examination and on the legality and fiscal risk of Hip Streets COP financing.
Loveland City Council considered a resolution and ordinance authorizing an intergovernmental agreement (IGA) with the Loveland Urban Renewal Authority and an appropriation of up to $250,000 to retain Ernst & Young (E&Y) for a forensic assessment of LURA finances and compliance with the Master Finance Agreement (MFA).
City Attorney Vince Jungless described the items as staff requests following a LURA action; the appropriation would be used to engage a forensic firm to assess records, flow charts, interconnections and potential compliance issues. CFO Brian Waldy explained that the Hip Streets COP financing plan is…
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