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Redevelopment agency accepts FY2024 audit and approves 2024 annual report for filing
Summary
The agency accepted the fiscal year 2024 audit (unmodified/unqualified opinion), approved the 2024 annual report and authorized filing with the state controller and related entities; auditors noted an unmodified opinion and highlighted developer receivables, OPA accruals and fund balances.
The Idaho Falls Redevelopment Agency voted March 20 to accept the fiscal year 2024 audit and to approve the agency's 2024 annual report for filing with the state controller and other required offices.
Stacy Lemon of Running Company presented the audit and said the firm issued an unmodified (clean) auditor's opinion. “We have issued an unmodified report which basically states that we believe that the financial statements are not materially misstated in any way,” Lemon told the board.
Key audit findings and figures Lemon highlighted include:
- Cash and investments: approximately $2,900,000 as of September 30, 2024. - Property taxes received in the year: about $1,400,000 (comparable to the prior year). - Developer receivables: approximately $35,000 (split: $20,000 from US Development and $15,000 from Willow Creek/Little Creek Park-related approvals). - New accruals: an OPA (owner participation agreement) obligation of about $445,000 was accrued in the year as parcel tax amounts were beginning to be received; those payments will be paid to the developer as taxes are received. - Long-term liabilities: the audit shows long-term promissory notes and OPA amounts (detail referenced on page 23 of the report; aggregated figure referenced in meeting as about $13,000,000).
Lemon reviewed budget-to-actuals by fund. Some districts (for example, River Commons and Eagle Ridge) received less property tax revenue than budgeted; Jackson Hole showed increased revenues tied to development. The audit also lists current memoranda of understanding with developers (Yellowstone Square, US Development and Little Creek Park) and shows budget comparisons by allocation fund.
Annual report and filing
Agency staff noted there were minor edits needed to the published annual report (map labels and photographic captions). The board closed the public comment period (no written or verbal comments were received on the published annual report) and adopted Resolution 25-02 approving the annual report and authorizing technical corrections and transmittal to the city and the Idaho state controller.
Procedure and motion
The board voted to accept the audit report and to authorize filing of the audit and annual report as required by statute. Staff will make the agreed technical edits to the annual report and proceed with printing and filing.
Quotes
"We have issued an unmodified report which basically states that we believe that the financial statements are not materially misstated in any way," — Stacy Lemon, Running Company (auditor).
Ending
The audit acceptance and the annual-report resolution passed unanimously. Staff will file the audit and the annual report with the state controller's office and other required agencies and make the technical edits discussed by the board.
