A two-year audit disparage the tourism program of Colorado

Published on : Tuesday, October 31, 2017

indexRecently, a two-year audit came to a conclusion that the management of a Colorado program intended to pay for tourism projects has failed utterly in order to set up proper controls and adequately monitor projects.

 

On Monday, the state auditor’s office expressed their annoyance on the officials managing the Regional Tourism Act, as reported by the Denver Post. Approved in the year 2009, the act provides tax-increment financing to assist large-scale tourism projects.

 

From the year 2012 to 2015, five of nine projects that were to be financed received approval and awarded and awarded over $445 million in state sales taxes to be paid throughout several decades. A total of roughly $11.3 million has been distributed so far.

 

On the other hand, the audit explained that three of those projects were permitted in spite of a third-party analysis that discovered the projects failed to meet standards. In addition, forecasts of all the five project applications incremental state sales tax revenue calculations which were greater than the third-party analysts’ calculations, the audit mentioned.

 

The audit stated that the officials of the state were not capable to display how the higher calculations were justified. On Monday, at the time of Colorado Legislative Audit Committee, state economic development officials explained that the program is exclusive and has improved since it started.

Tags:

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

arrow2Follow TTW
 
facebook-logo  twitter-logo  LinkedIn_logo  stumbleupon-logo   rss_logo 
ttw_blogger_logo  ttw_blogger_logo  ttw_blogger_logo

ADVERTISEMENT

  • 02 WTM London 2018
  • 03 imexamerica 2018
  • 08 theleisureshow 18
  • 09 cibtm 2018
  • 09 Seatrade Cruise Med 2018
  • 10 Astana leisure 2018
  • 10 ITE-HCMC 2018
  • 11 lodgingconference 18
  • 11 ttgincontri 2018
  • 13 aite 2018
  • 14 CITIE 2018
  • 14 SATTE 2019
  • 14 traveltechme 2018
  • 15 TravelDaily TDC 18
  • 16 OTDYKH 2018
  • 17 Hotel Show dubai 18
  • 18 hospitalityqatar 18
  • 18 Hotel Management Asia Summit 2018
  • 18 thincindonesia 2018
  • 19 bricsaconsulting 2018
  • 20 CITE_TTW 2018
  • 20 europecongress 18
  • 20 sahicsouthamerica 2018
  • 21 bitmchina 2018
  • 22 Hotel Management Singapore Summit 18
  • 23 PTM 2018
  • 30 PATA

TRAVEL INDUSTRY EVENTS

Get our toolbar!
Review www.travelandtourworld.com on alexa.com