Loveland URA approves Ernst & Young agreement for audit after split vote

The Loveland Urban Renewal Authority voted 7-5 to approve a professional services agreement with Ernst & Young LLP to conduct an audit and related work for the authority.

The measure drew sharp debate. Commissioner Samson opposed rushing into the contract, saying the board had not followed a clear process and that the $250,000 engagement risked becoming a “blank check.” “We have not followed a process or procedure of any kind,” Samson said, adding later, “Nah bro. This is sus. No cap.”

Supporters said the audit is a necessary exercise of the board’s fiduciary duty. Commissioner Black framed the measure as a response to public loss of trust, saying the audit had been repeatedly requested and that the board had followed established procedures. “This is my fiduciary duty,” Black said, adding that commissioners and members of the public had spent months compiling concerns.

Other commissioners sought clarity on the scope and deliverables. Commissioner Olsen, a retired CPA, urged more precise definitions of materiality, assurance level and what the engagement would produce. Commissioner Marsh warned the board must understand how tax-increment financing and public-improvement fees have been spent as those revenues phase out in 2029; he cited roughly $5,900,000 spent on Parcel 206 as an example of money the public needs to be able to account for.

The motion — read aloud before the vote — would adopt a resolution approving a professional services agreement between the Loveland Urban Renewal Authority and Ernst & Young LLP. During roll call the clerk read members’ recorded positions; the chair announced the result: 7 yes, 5 no. The board did not record a mover or seconder in the transcript.

The board had no reports and the chair said the next meeting is scheduled for Jan. 14. The meeting adjourned at 7:01 p.m.