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North Miami CRA audit receives clean opinion; expenses rose sharply in 2024
Summary
The North Miami Community Redevelopment Agency received an unmodified (clean) audit opinion for the fiscal year ended Sept. 30, 2024. Auditors reported no control deficiencies and said they would provide further detail about a near-doubling of expenses.
Roderick Harvey, partner with HCT, told the North Miami Community Redevelopment Agency on Feb. 12 that auditors issued an unmodified opinion on the CRA’s financial statements for the year ended Sept. 30, 2024.
Harvey said the audit, dated Feb. 12, 2025, found no uncorrected financial statement issues, no control deficiencies and no related-party findings. "We have issued an unmodified or clean audit report with an audit date of 02/12/2025," Harvey said.
Why it matters: a clean audit indicates the CRA’s financial statements conform to generally accepted accounting principles and that auditors found no material misstatements. Agency officials said they rely on the audited statements for budgeting, grant compliance and oversight of redevelopment projects.
Auditors reported that expenses totaled $17,400,000 for fiscal 2024 compared with about $9,600,000 in 2023; revenues were $14,800,000 in 2024 versus $10,000,000 in 2023. Capital assets remained relatively flat, about $549,000 in 2024 versus $599,000 in 2023. Harvey said the audit testing included review for compliance with Florida Statute 163.387.
Board members pressed for detail on the large year-over-year expense increase. Harvey said he would provide a more detailed explanation of the variance to the board by the following day. A staff speaker attributed the revenue increase in part to a loan and higher interlocal payments from the city and county.
The audit presentation concluded with board members taking no formal action; the presentation was opened for public hearing but no members of the public commented on the audit.
The audit book presented to the board notes the significant accounting estimates as allowance for doubtful accounts and depreciation and lists GASB pronouncements effective for the year. Harvey said, "There are no management letter comments or findings in the prior year and the current year."
