Middletown IDA approves 2024 audit, annual and PARIS reports; committees forward investment and board-evaluation filings

The Middletown Industrial Development Agency board on March 18 approved its 2024 financial audit and annual report, authorized submission of the agency’s PARIS filing to New York State and recorded committee recommendations on the investment report and the board self-evaluation.

The action followed presentations in the Finance, Audit and Governance committees and a review of the independent auditor’s report, which the auditors described as a "clean opinion." The board approved the full package by roll call during the meeting and authorized staff to file required materials with New York State.

Auditors from RBT presented the independent auditors’ report and the agency’s financial statements, telling the board that the agency received an unmodified, or "clean," opinion. The auditor summarized key figures: cash increased by about $3,500 from the prior year largely because of a transfer error with the Community Development Agency (CDA) that left a related-party liability; fees fell from $161,000 in 2023 to $10,500 for 2024; interest income was $788; and the net position rose $162 to…