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Turnpike and Lottery audits earn clean opinions; turnpike reports debt compliance, lottery transfers up sharply
Summary
KPMG reported an unmodified (clean) opinion on the Turnpike System financial statements and debt compliance; the State Auditor's office issued a clean opinion on the New Hampshire Lottery's financial statements and noted strong transfers to the state. Both reports were accepted and placed on file.
KPMG and the Legislative Budget Assistant's audit staff presented audit results to the Fiscal Committee on Jan. 30, 2025. The Turnpike System received an unmodified audit opinion and a debt‑compliance report showing the Turnpike was in compliance with bond covenants. The lottery's financial statements also received an unmodified opinion from the state auditors.
KPMG partner Bob Mahoney told the committee the audit opinion for the Turnpike was issued Dec. 23, 2024, and that the auditors performed their work under generally accepted auditing standards and government auditing standards. Mahoney said the audit produced a clean opinion and that the auditors found no material weaknesses or significant deficiencies in internal control over financial reporting for the Turnpike; the debt‑compliance work indicated adherence to bond resolution covenants.
State audit supervisor Jean Mitchell presented the Lottery Commission audit, which likewise received an unmodified opinion. Lottery Director Charlie McIntyre told the committee transfers to the state from lottery operations have grown substantially since he took the post—citing transfers rising from about $62 million earlier in his tenure to $207 million in the last reported year—and thanked audit staff and his finance team for their work.
Both audit reports were accepted and placed on file by the committee.
