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EFPR audit gives IDA and CLD ‘clean’ opinions; boards approve filings and re-adopt PAAA policies
Summary
Auditor EFPR Group presented draft financial statements for the New Rochelle IDA and CLD and reported unmodified (clean) audit opinions. The IDA and CLD boards unanimously approved filing the financial statements and re-adopted PAAA-required policies; both bodies also elected officers and committee memberships.
Auditor EFPR Group presented and the New Rochelle Industrial Development Agency and Corporation for Local Development on March 28 received "clean" audit opinions on their 2024 financial statements, and both boards voted unanimously to file the statements and annual reports as required under the Public Authorities Accountability Act (PAAA).
Tom Smith of EFPR, the engagement partner on the audits, told the boards the firm planned to issue unmodified opinions for both entities and reported no internal-control deficiencies or violations of laws and regulations that would require disclosure.
For the IDA financials, EFPR reported total assets decreased by about $187,000 to roughly $305,000 and net position decreased by $170,000 to $295,000; auditors attributed the change mainly to cash movements and operating results. The IDA’s revenue decreased modestly and operating expenses were down, EFPR said.
For the CLD, EFPR reported larger movements: total assets decreased by approximately $1.9 million to about $58.7 million, driven largely by a large lease receivable that is being amortized. The CLD’s net position decreased by about $667,000 to roughly $1.2 million. EFPR also reported operating revenue up by about $66,000 and operating expenses down by about $849,000 to $676,000, outcomes the auditor described as favorable.
Following the presentations, both boards unanimously approved resolutions to authorize filing the audited financial statements and annual reports with the state in accordance with the PAAA. The boards also unanimously re-adopted the PAAA-required policies, elected officers for 2025 and appointed committee members (with the treasurer excluded from the audit committee as noted in the resolution language).
Board leaders thanked the audit team and city finance staff for cooperation. EFPR noted the draft reports were reviewed by the finance subcommittees earlier the same day; final administrative items remained for EFPR’s office before issuing the finalized statements.
