The annual audit of the city’s financial statements has been completed by an external agency and is now available for public review.
The city requires an independent audit of its annual comprehensive financial report prior to its release. This is a best practice that meets the requirements of the Colorado Statutes and Open Records Act, the city’s strategic goal of financial excellence, and the public’s interest in having an external review of the city’s financial statements created by staff.
“The public has every right to know how the city is doing financially, and to have the most accurate information available,” said Tom Sluis, spokesman for the city. “This is why we first send the annual financial statements for review by an external auditor. This ensures the most accurate and reliable financial information is available to any interested parties.”
The city’s finances, including numerous unaudited monthly and quarterly financial statements, are available to the public via OpenGov. This online portal offers the public the opportunity to view, filter and analyze revenue and expense data for the city as it is updated, in real time.
Partly because of this transparency, the city’s commitment to financial excellence has garnered national recognition. Most recently, the city was awarded a Distinguished Budget Presentation Award (the first since 2019), and a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association.
Since 2019, the city of Durango has improved its financial reporting by:
- Restricting the approval process allowed by various users.
- Segregating financial transaction duties to remove unilateral control of the workflow.
- Hiring staff who are certified public accountants.
- Creating a hotline service where employees can anonymously report concerns ranging from potential ethical violations to perceived violations of the law.
- Providing annual comprehensive financial reports on the city’s website, and;
- Developing a strategic plan that includes Financial Excellence & High-Performing Government, a first for the city.