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Delray Beach CRA receives clean audit, cash balance grows to about $118 million
Summary
Independent auditors delivered an unmodified opinion on the Delray Beach Community Redevelopment Agency's fiscal-year 2024 financial statements, reporting higher cash balances and reduced liabilities after bond payoffs; auditors and staff answered board questions about capital projects and OPEB calculations.
The Delray Beach Community Redevelopment Agency received an unmodified (clean) audit opinion for the fiscal year ended Sept. 30, 2024, the agency's independent auditor told the CRA board on Tuesday.
Scott Montgomery, director at CBIS, said the audit report issued March 27, 2025, concluded the CRA's financial statements "present fairly in all material respects" and were prepared in accordance with Governmental Accounting Standards Board pronouncements.
The nut graf: The audit shows the CRA's totals on a government-wide basis include roughly $172,000,000 in cash and about $118,000,000 in net position. Montgomery told the board cash increased by about $17 million from the prior year and liabilities fell after the agency paid off its 2012 and 2015 bond series and a US Highway 1 loan.
Montgomery highlighted the management's discussion and analysis in the report as the best place to see year-to-year changes. He described capital assets of roughly $32 million in non-depreciable land and about $12 million in depreciable capital assets, and noted total expenses of about $11.4 million for the year. The largest revenue source remained tax-increment revenues, about $36.3 million, which Montgomery said reflected valuation increases dating back into the prior year.
Board members asked for clarification about the CRA's other post-employment benefits (OPEB) liability. Montgomery said the actuarial process splits city, CRA and DDA portions; the CRA's proportionate share can move due to actuarial changes and allocation methods. He also noted the audit report included no material weaknesses or compliance findings and that the agency was in compliance with the state's investment statute.
The presentation prompted brief board discussion about budget carryovers and capital projects that had not been spent because of timing; staff said several master-plan projects have been carried forward and remain planned. The auditor and staff said they would supply any follow-up detail board members requested.
The board did not take a separate formal vote to accept the auditor's presentation; the report was provided as part of the meeting record and the auditor left time for questions.
The CRA's staff and the auditor said they would provide the board additional analysis on OPEB allocation methodology and project carryovers if commissioners requested it.
