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CRA receives unmodified audit opinion; fund balance up about $2 million for year ended Sept. 30, 2024
Summary
Independent auditors delivered an unmodified opinion on the CRA's FY2024 financial statements and reported increases in revenue and fund balances; the board accepted the annual comprehensive financial report.
The Community Redevelopment Agency accepted its annual comprehensive financial report for the year ended Sept. 30, 2024, after an auditor from Warren Abert CPAs reported an unmodified opinion and no findings of noncompliance.
The nut of the report: an unmodified opinion is the highest level of assurance auditors provide; the auditor also identified the CRA’s separate audit requirement under Chapter 163 because the CRA receives and expends more than $100,000 annually.
Kristin McCallister, partner at Warren Abert CPAs in Pensacola, told the board the auditor followed Florida Auditor General compliance procedures and reported no items of noncompliance. She said the CRA added approximately $2,000,000 to its fund balances, the revenue increased from about $11,000,000 to $13,000,000 and that most of the CRA’s roughly $17,000,000 in assets were held in cash and investments at year end.
After a brief public comment period that included a question about the CRA’s legal status as a city division, the board called the vote and accepted the report 6-0.
The auditor offered to answer follow-up questions and invited the board to ask for clarifications; none were requested during the meeting.
The board’s acceptance starts the administrative process of filing the audited statements and making them available per statutory requirements.
