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LEFA audit shows rising unrestricted net position; two findings remain
Summary
Auditors gave the Lansing Entertainment & Public Facilities Authority (LEFA) a clean opinion for year ended June 30, 2024, reported a $2 million grant recognized for Lansing Center and Jackson Field improvements and noted two findings (material journal entries and a sales tax remittance compliance issue).
Maynard Costerison presented the Lansing Entertainment & Public Facilities Authority (LEFA) year-end financial statements for June 30, 2024 to the Committee of the Whole on Jan. 27 and issued an unmodified opinion.
The auditors reported rising unrestricted net position for LEFA, up to about 37% of expenditures in 2024 after multi-year increases. Operating revenues rose from approximately $6.5 million in 2023 to…
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