Audit committee forwards Building Authority financial review after auditors flag missing reports, governance gaps

The Wayne County Commission—s Committee on Audit voted to receive and file the Office of the Legislative Auditor General—s (OAG) limited review of the Wayne County Building Authority—s audited financial statements for the fiscal year ended Sept. 30, 2024.

The OAG—s review, presented to the committee, found that the Building Authority—s external auditors issued an unmodified opinion on the stand-alone financial statements but that required supplemental information was omitted. Auditors also identified a lack of a formally adopted budget for the special revenue/general fund and no written policies to address custodial credit risk for deposits and investments.

The OAG noted an increase in revenues of roughly $180,000 for fiscal 2024, primarily from building rents and interest income, and a decrease in the Building Authority—s governmental fund balance of about $304,000. The report said the authority—s net position increased by roughly $12,000 in fiscal 2024, which auditors attributed to a reduction in noncurrent liabilities and accrued interest payable. Auditors reported noncurrent liabilities due in more than one year at roughly $11.8 million for fiscal 2023 and about…