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Timnath Landings GID board accepts 2024 audit showing $5 million developer/town advance liability
Summary
The Timnath Landings General Improvement District board unanimously approved a resolution accepting the district's 2024 audit from The Adams Group, which shows a negative net position driven largely by a $5 million developer and town advance liability that will be repaid when debt is issued and collected via property taxes.
The Timnath Landings General Improvement District board unanimously approved Resolution GID 03 Series 2025 accepting the district's 2024 audit performed by The Adams Group on Sept. 23.
The audit shows a negative net position of about $5,000,000, a figure staff attributed primarily to outstanding developer and town advances. Bonnie Dennis, accounting manager for the Town of Timnath, told the board that the GID "did not have any additional developer advances in this 2024 audit," and said the 2024 financials included about $7,000 in operating expenses recorded as a town advance.
Eric Miller, partner with The Adams Group, told the board there were "no difficulties to report," no disagreements with management, and "no adjusting or uncorrected journal entries." Miller said the audit opinion for the GID was "unmodified or clean opinion."
Board members asked about the $5 million figure and were told by staff that the amount will be reduced when the district issues debt later this year and that the debt will be repaid through future property taxes.
A motion to approve the resolution was made and seconded; the board voted unanimously to accept the 2024 audit. The board then adjourned.
What's next: staff will proceed with the debt issuance process later in 2025, which the board was told will reduce the developer/town advance liability on the GID balance sheet.
