FY2024 audit returns unmodified opinion; trustees defer formal acceptance to review report

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.