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Agency receives clean audit for FY2023–24; net position rises, debt declines
Summary
The agency reported a clean independent audit for fiscal year ending June 30, 2024: assets exceeded liabilities, net position increased and outstanding debt declined after principal payments.
The Columbia Gateway Urban Renewal Agency received a clean independent audit for the fiscal year ended June 30, 2024, staff told the board on Feb. 18.
Angie Wilson, the city’s chief financial officer, reported that KDP, certified public accountants, issued an independent auditor’s report dated Dec. 4, 2024, finding the agency’s basic financial statements were prepared in accordance with generally accepted auditing standards and that the auditors identified no reportable findings requiring corrective action. “We did get a clean audit with no write ups,” Wilson said.
Wilson highlighted key year‑end figures from the audit: at the close of the fiscal year the agency’s net position exceeded liabilities and deferred inflows by $4,297,190; total net position increased by $900,790 compared with the prior year. Wilson attributed the increase in part to $127,081 in additional investment earnings tied to higher interest rates and to a reduction in liabilities driven by a $600,000 annual principal payment.
The audit shows outstanding debt of $3,541,052 at June 30, 2024, down from $4,168,020 in the prior fiscal year, a decrease staff said was principally the result of the scheduled principal payment and amortization of premium.
The audit, and a related annual report prepared under ORS 457.46, are available in the board packet and on the agency’s website, staff said. No board action was required; the board thanked staff for the clean audit.
