FOR IMMEDIATE RELEASE Contact: Castle Pines North Sara Edwards 720.286.5133 |
Castle Pines North update on financial audit
CASTLE PINES NORTH, Colo., Oct. 22, 2009 —The Colorado Local Government Audit Law requires that all Colorado local governments perform a financial audit each year. Under Colorado Revised Statute Section 29-1-603, the City Council, as the governing body of Castle Pines North, is responsible to ensure that an audit is completed and filed with the state auditor on or before July 30 of each year.
The City of Castle Pines North engaged Swanhorst & Company, an independent audit firm, in March 2009 to perform the 2008 audit. On July 27, 2009, the city filed for a two-month extension to file the annual audit, and the request was granted by the State Auditor's Office on the same day. The extension allowed the city to file the 2008 audit no later than Sept. 30, 2009.
Based on the slow and arduous process and progress of valuing city assets and audit field work, as well as the data collection and management issues inherent in a new city, the city was unable to meet the Sept. 30 deadline. It is expected that with the completion on Oct. 7, 2009, of the audit field work performed by the CH2M HILL city finance staff, the city's auditor will be able to complete a final audit report by the end of October.
Under the Local Government Audit Law, if a local government does not file an audit on or before the deadline, the state auditor is required to send written notification to the County Treasurer to withhold payment to the city of any revenues generated from taxes collected within the city until an audit is filed. The State Auditor's Office has notified the city that it will notify the County Treasurer to withhold payment of property taxes to the city until an audit is submitted to the State Auditor's Office.
The amount of money estimated to be withheld by the County Treasurer equates to approximately $45,000 in pending property taxes. The auditors have confirmed the audit report will be completed by the end of October. It is anticipated that there will be no delay in the city receiving these payments.
Although the delinquent status of the audit is by no means an acceptable practice, the State Auditor's Office has confirmed that the city is one of many local governments that has failed to file an audit within the time lines established under state law and that such delinquent status is not uncommon for newly established cities.
Incorporated Feb. 12, 2008, Castle Pines North is a city of 10,000 located 20 miles south of Denver in Douglas County. For more information on Castle Pines North and to sign up for e-mail alerts about city news, visit www.castlepinesgov.com.
The City of Castle Pines North engaged Swanhorst & Company, an independent audit firm, in March 2009 to perform the 2008 audit. On July 27, 2009, the city filed for a two-month extension to file the annual audit, and the request was granted by the State Auditor's Office on the same day. The extension allowed the city to file the 2008 audit no later than Sept. 30, 2009.
Based on the slow and arduous process and progress of valuing city assets and audit field work, as well as the data collection and management issues inherent in a new city, the city was unable to meet the Sept. 30 deadline. It is expected that with the completion on Oct. 7, 2009, of the audit field work performed by the CH2M HILL city finance staff, the city's auditor will be able to complete a final audit report by the end of October.
Under the Local Government Audit Law, if a local government does not file an audit on or before the deadline, the state auditor is required to send written notification to the County Treasurer to withhold payment to the city of any revenues generated from taxes collected within the city until an audit is filed. The State Auditor's Office has notified the city that it will notify the County Treasurer to withhold payment of property taxes to the city until an audit is submitted to the State Auditor's Office.
The amount of money estimated to be withheld by the County Treasurer equates to approximately $45,000 in pending property taxes. The auditors have confirmed the audit report will be completed by the end of October. It is anticipated that there will be no delay in the city receiving these payments.
Although the delinquent status of the audit is by no means an acceptable practice, the State Auditor's Office has confirmed that the city is one of many local governments that has failed to file an audit within the time lines established under state law and that such delinquent status is not uncommon for newly established cities.
Incorporated Feb. 12, 2008, Castle Pines North is a city of 10,000 located 20 miles south of Denver in Douglas County. For more information on Castle Pines North and to sign up for e-mail alerts about city news, visit www.castlepinesgov.com.
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