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Airport board accepts clean audit and approves 2025 appropriations limit resolution
Summary
Auditors issued an unmodified opinion for the fiscal year ending Dec. 31, 2024, and the board voted to accept the audit and adopt resolution 2025-04 establishing the 2025 appropriations limit; staff noted a change in accounting policy for property tax receivables.
The Truckee Tahoe Airport District board voted to accept the district's audited financial statements for the year ended Dec. 31, 2024, after auditors issued an unmodified opinion and reported no findings. The board also approved Resolution 2025-04, establishing the district's appropriations limit for calendar year 2025.
Michael Mannico, the lead auditor from Ham's Market Company, presented the audit summary and said the firm issued an unmodified opinion and identified no material weaknesses or instances of noncompliance. The audit letter included an "emphasis of matter" paragraph noting a change in accounting principle: the district changed its treatment of property-tax receivable recognition and recognized property tax revenue when received rather than estimating receivables for the second half of the year. Auditors described net position changes, movements in assets and liabilities, and reviewed internal-control testing.
The board asked for the auditor's PowerPoint charts; the auditor said he would provide the materials to staff. After no public comment on the audit, a board member moved to accept the audit and the motion was seconded; the board approved the motion with an affirmative voice vote. Later in the meeting, Kelly (district finance staff) asked the board to consider and adopt the appropriations-limit resolution; a director moved, another seconded and the board approved Resolution 2025-04 and waived reading of the text.
No substantive follow-up items were identified in the audit presentation; staff will finalize issuance of the auditor's report, post the audit and the resolution, and incorporate the new property-tax recognition practice into the district's comparative statements going forward.
