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Northampton County GPA approves 2024 audit with unqualified opinion
Summary
The Northampton County General Purpose Authority approved its 2024 audit after a presentation from Riley and Company. Auditors reported an unqualified (clean) opinion, $30.5 million in total assets and a positive change in net position driven largely by P3 capital grants.
The Northampton County General Purpose Authority on April 1 approved the authority's 2024 financial audit, which auditors told the board carried an unqualified, or "clean," opinion.
Riley and Company auditor Jay Greg Bellini presented the draft 2024 audit, saying, "we have an unqualified or clean opinion on the financial statements." Bellini summarized key figures: about $1.04 million in cash, approximately $23,000 in restricted cash, total capital assets near $29 million (including bridges in service) and total assets of about $30.48 million. He told the board the authority recorded an increase in net position of about $3.8 million for 2024, driven in part by roughly $4 million in capital grants and contributions related to the P3 project.
The auditor called out several disclosures the board received: a capital asset note showing one bridge placed in service in 2024 and one remaining in construction-in-progress; a conduit debt schedule showing the authority has facilitated over $1 billion in conduit financing; and a P3 project note that the auditor said would be labeled an "availability payment arrangement" under GASB 94 accounting changes. Bellini also noted the audit packet includes the concise public notice required under the Municipalities Act and the DCED summary filing that will be submitted once the audit is finalized.
Board members thanked staff for cooperation and efficiency in assembling records. Paul Colando commented that staff work helped Riley complete the audit early in the year; Treasurer Ron Donches said he considered the draft "ready to be signed." The board asked staff to correct an outdated address on page 30 of the packet before finalizing the audit.
A motion to approve the "02/2024 draft GPA audit" (with the noted address correction) was made and seconded; the motion carried.
The board instructed staff to obtain the client representation letter required to finalize the audit before the auditor issues the final report and before the concise public notice and DCED filing are submitted.
