THE PROPOSED CONTRACT ALLOCATES NO VALUE TO DENVER’S DEVELOPMENT RIGHTS, AND INSTEAD SIMPLY GIVES AWAY THIS VALUABLE PROPERTY INTEREST OWNED BY THE TAXPAYERS OF DENVER.
The amount of value being given away is staggering – over $20 million!
The citizens of Denver are entitled to the increase in value of the development rights that have occurred between 1997 and 2017
Our audit did, however, identify several areas for improvement regarding internal controls surrounding event user agreements. Specifically, we noted that management is not always ensuring that all contracts are executed before the events take place. Second, we found that not all invoiced amounts are being properly supported with authorizing documentation. Third, the exclusive ticketing agent has not provided assurance that its system provides reliable ticket sales information. Fourth, Denver Arts & Venues is not using electronic funds transfer for venue use payments. Finally, Denver Arts & Venues personnel are not documenting management decisions when interest penalties are waived.
As described in the attached report, our audit revealed that DPR needs to improve contract
administration practices. Specifically, DPR does not have formalized and up-to-date policies and procedures and roles and responsibilities are unclear. DPR also lacks controls to ensure reliability and accuracy of information entered into the contract administration system. In addition, controls related to on-call contracts need to be enhanced and DPR is also at risk of losing institutional knowledge at the management level owing to a lack of segregation of duties and documentation surrounding contract decision making. Contract administration weaknesses identified negatively impact DPR’s ability to properly manage contracts.
Through stronger controls for contract administration and addressing concerns regardin
