It’s not official yet, but Loveland City Council is moving toward naming Deputy City Manager and Chief Financial Officer Brian Waldes as interim city manager following the upcoming retirement of Jim Thompson.
Following an executive session at their Tuesday meeting, council members directed Chief Human Resources Officer Julia Holland to bring forward a formal motion at the council’s May 19 meeting appointing Waldes to the acting role with a 7.5% salary increase while he serves in the position.
Waldes was hired as Loveland’s chief financial officer in January 2022 after serving for 15 years as director of finance and information technology for the town of Breckenridge. Last month, he also took on deputy city manager responsibilities as part of the city’s recent strategic realignment.
In 2024, the Colorado Government Finance Officers Association named Waldes its Finance Professional of the Year, citing his leadership during the city’s recent fiscal challenges and his role in launching a broad public outreach campaign on the city’s budget issues.
“Council right now is focusing on ensuring stability in the city and steady leadership during the transition,” said Mayor Pat McFall of Waldes. “Brian brings all of that, plus strong institutional knowledge and experience into this position. He is completely capable of moving the city in the direction it’s supposed to go.”
Thompson announced April 24 that he would retire effective July 7, ending a tenure of roughly 18 months as Loveland’s top administrative official. He was hired by the City Council in late 2024 after previously serving as city manager in Scottsdale, Ariz.
After his first annual performance review earlier this year, the council approved a 20% salary increase for Thompson, from $305,000 per year to $366,000, as well as a 5% increase in city retirement contributions and 40 hours of executive leave.
But Thompson’s early departure means he will forfeit some of that newly awarded compensation.
According to an email from Holland to council members sent last week, Thompson will receive his normal pay through his resignation date, along with payouts for accrued vacation and prorated floating holiday time. The city does not pay out unused medical leave upon separation, she noted.
However, he will not be vested in the city’s contributions to his retirement account. Under the city’s retirement system, employees become fully vested in the employer-funded portion of the city’s 401(a) retirement plan only after three years of employment.
That means Thompson will keep his own retirement contributions, but the city will retain all employer contributions made on his behalf, including increased contribution amounts approved by the council earlier this year.
Thompson’s employment agreement also included a one-time $7,500 contribution to a separate deferred compensation plan, which is fully vested and will remain with Thompson, according to Holland’s memo.
Additionally, Thompson will be required to repay $10,000 to the city tied to relocation expenses reimbursed when he was hired.
The memo also noted that because Thompson resigned voluntarily, he will not receive severance pay. Had he been terminated without cause, severance provisions in his contract would have applied.
As for hiring a permanent replacement for Thompson, the City Council also expressed support for conducting a national search, and staff are now working to identify options for the process, according to a city spokesperson.
