New financial disclosure rules received initial approval from the Boulder City Council on Tuesday night.

The new rules were adopted unanimously on first reading and without comment, but Mayor Matt Appelbaum noted that doesn't mean council members support all the provisions.

A second reading and public hearing will be scheduled this spring.

The financial disclosure draft ordinance seeks to provide more clarity around the reporting requirements for candidates and City Council members.

It would change the reporting date from within three days of a nominating petition being accepted for candidates to Sept. 10, and from September to April 15 for sitting council members, in accordance with the tax filing deadline.

The reporting period previously was defined only as the past year, not making it clear whether that referred to the past 12 months or the previous calendar year.

The new rules would make it so that sources of income would be reported for the previous calendar year, while all other disclosures would be as of the time of filing.

Any substantial changes have to be reported within 15 days of the end of the quarter in which those changes occurred.

Candidates and council members would continue to have to name any sources of income from which they earned more than $1,000, but would not have to say how much they earned from those sources.

The new ordinance would require candidates to report the sources of income for their spouses or domestic partners as well. The revised language defines "other household income" to make it clear it refers to spouses' or partners' income.

Council members wouldn't have to disclose investments that are part of mutual funds or pension plans where they don't have direct control over investment decisions.

Council members would also continue to have to report their participation in any business entities or partnerships with holdings within the Boulder Valley Comprehensive Plan. However, they only would have to list the property owned by those business partnerships if they have more than 50 percent of the shares in that partnership. Previously, "controlling interest" was not defined.

Contact Camera Staff Writer Erica Meltzer at 303-473-1355 or meltzere@dailycamera.com.