Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Audit topic
No spam. Unsubscribe anytime.
Mount Vernon IDA audit shows clean opinion; board accepts 2024 report
Summary
The Mount Vernon Industrial Development Agency received a clean audit opinion for 2024, with net position rising about $808,000; the board voted to accept the audit as presented.
The Mount Vernon Industrial Development Agency accepted the IDA's 2024 draft audit after an outside auditor reported a clean opinion and summarized year-end financial changes.
The auditor, Joan (outside auditor, RBT CPAs), told the board the agency "did receive a clean opinion, which is the best opinion that can be received," and noted there were no internal control or compliance repeat findings for the year. Joan said cash stood at about $2,136,000 and total assets were approximately $5,353,000, with total net position of about $3,200,000 — an increase of roughly $808,000 from 2023. She also identified a $1,000,000 closing fee from McQuiston as a major contributor to the revenue increase.
Board member David (board member) congratulated staff and consultants, calling it "a very clean audit," and praised the agency's work to reduce receivables and clear older findings.
The report, including required supplemental information on pensions and project-level supplemental schedules, showed no changes from last year in the notes and disclosed that the agency filed its reports on time with the Authority Budget Office. The auditor also noted leases receivable included a short-term portion of about $85,000 and a long-term portion near $730,000; capital assets were presented near $1.2 million after depreciation.
The board voted to accept the 2024 audit report as presented (Resolution 3-20-25-2). Motion and second were recorded and the motion carried by voice vote.
