Eric Russell of the auditing firm told trustees the FY2024 financial statements received an unmodified opinion, indicating no material misstatement requiring modification. He said auditors identified a few adjusting entries related primarily to federal COVID‑era funds that were recorded as pass‑through receipts and disbursements.

Russell summarized financial highlights in the report: operating revenues of about $171,000 and operating expenses of about $339,000, producing a year‑over‑year decrease in net assets. He said the authority ended the year with roughly $2.5 million in net assets and that about $1.7 million of the balance represented federal COVID funds that triggered single‑audit reporting requirements.

Russell also outlined cash‑flow and bond activity: the audit shows principal payments on bonds of about $75,000 and a reduction in bonds payable to roughly $290,000 at year end. He said auditors found no material weaknesses, no significant deficiencies and no instances of material noncompliance related to the financial statements.

After a brief discussion, a trustee moved to defer the board's formal vote on accepting the audit so trustees could read the report; the motion passed unanimously. Trustees asked the auditor and staff to circulate copies of the audit and the adjusting entries for review before the next meeting.

Why this matters: An unmodified opinion signals the financial statements are presented fairly; the single audit requirement and adjusting entries reflect oversight obligations tied to federal awards and the authority's accounting for pass‑through funds.