The city of Loveland’s finance manager, who has led his department for five years, personally apologized to the City Council and the residents of Loveland on Tuesday for a multimillion-dollar budget mistake that predated his tenure by two decades.

At the City Council study session Tuesday night, budget director Brent Worthington and two of his staff members explained to the council how a fund that they believed held $21.4 million this year actually has just $2.4 million in it.

Worthington said he holds himself and his staff to the highest standards.

“This error was discovered during my tenure as finance director, therefore I must personally apologize,” he said. “There’s no way to sugarcoat it. We put out numbers that were incorrect.”

The miscalculation involved the amount of money in the city’s TABOR excess revenue fund, which holds tax revenue in excess of limits set by the 1992 Taxpayer’s Bill of Rights constitutional amendment. Loveland voters have given the city permission to keep and spend that extra money instead of refunding it to residents.

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City staffers had been counting Internal Service Fund revenue such as the Fleet Replacement Fund and Employee Benefit Fund as TABOR-eligible, when it really wasn’t, budget manager Theresa Wilson said. The miscalculation dates back to 1993.

Read the full story on ReporterHerald.com.

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Source:: The Denver Post – News

Loveland finance manager apologizes to city leaders for fund with $2.4 million, not $21.4 million

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