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Herkimer IDA accepts audit; auditors brief board on LDC startup costs and county loan terms
Summary
Auditors presented a clean opinion on the IDA and the new Local Development Corporation (LDC) financials, noted lease accounting and a new zero‑percent note from Herkimer County; the board approved required reports and policies and agreed to vote on the LDC financials at the next meeting.
The Herkimer County Industrial Development Agency on the meeting heard its independent auditors give an unmodified (clean) opinion on the agency’s 2024 financial statements and reviewed the first-year financials of a newly formed Local Development Corporation.
Jen Wach, the lead auditor, and partner Liz Bush presented the audit and highlighted key items including accounting adjustments required by GASB standards, a reported $85,000 grant receivable tied to the Eastern Mohawk Valley water transmission main project, and a $6.6 million net capital-asset total. Wach said auditors recorded a noncash loss on…
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