DENVER (AP) — A two-year audit concluded that Colorado's management of a program designed to fund tourism projects has failed to establish proper controls and adequately monitor projects.
The Denver Post reports the state auditor's office on Monday blasted officials' handling of the Regional Tourism Act. Passed in 2009, the act provides tax-increment financing to help fund large-scale tourism projects.
Five of nine projects that applied for funding were approved from 2012 to 2015 and awarded more than $445 million in state sales taxes to be paid throughout several decades, with $11.3 million having been distributed so far.
The audit states that three of those projects were approved despite a third-party analysis that found the projects didn't meet standards.
State economic development officials say the program is unique and has improved.
Information from: The Denver Post, http://www.denverpost.com