Temple Terrace CRA and City approve 2024 annual financial reports; auditors report no findings

The Community Redevelopment Agency and the Temple Terrace City Council on May 20 approved their annual comprehensive financial reports for the fiscal year ending Sept. 30, 2024, after presentations from the city finance director and the city’s external auditor.

Porvus Mazars lead auditor Jeff Wolf told the CRA board and later the council that Mazars issued an unmodified (clean) opinion on the financial statements and found no material weaknesses or reportable findings in internal control. Wolf also said the city met the federal single‑audit threshold and completed the single audit for American Rescue Plan Act (ARPA) funds with no findings.

The approvals make the CRA and city reports official and publicly available online. Finance Director Jim Ingram and Auditor Jeff Wolf answered questions from board and council members about audit scope and results. Wolf highlighted that the city’s overall liquidity ratios and reserve levels are strong compared with past years, while Ingram noted the reports and supporting documents are posted on the city finance website.

Officials said the city’s general fund unassigned fund balance declined from about 68% of expenditures in a prior year to about 55% in the audit year because of planned, one‑time appropriations; council members were told that the ratio is expected to decline further toward an estimated 35–37.5% by the end of fiscal year 2025 as planned projects are spent. Wolf and Ingram confirmed the declines reflect budgeted uses rather than audit exceptions.

During both the CRA and council meetings, members asked whether the CRA’s audit is performed separately. Wolf and Ingram said the CRA is audited as a separate fund within the city audit and receives stand‑alone financial statements to meet reporting requirements enacted in recent years. They also said CRA funds generally come from tax increment financing (TIF) but the CRA can receive grant dollars routed through the city if expenditures are eligible.

Both bodies voted in favor of the resolutions to accept the reports. No member asked for changes to the written reports. The auditor and finance director said they will remain available to respond to public questions about the published reports.

The audit documents and the Annual Comprehensive Financial Report for FY 2024 are posted on the City of Temple Terrace finance department website.

Less urgent details: auditors thanked finance staff for cooperation and said the audit was completed on schedule. The auditor noted no new accounting standards materially affected the 2024 statements.