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 $262,987. "The IDA did receive a clean opinion; that is the best kind of opinion to receive," the auditor said.

The audit report also showed no internal control findings and no compliance findings. "Other than the opinion, this is the most important page. There were no internal control findings and there were no compliance findings," the auditor said. The auditors noted recent GASB pronouncements had no material impact on the IDA for 2024.

Leonora, the agency’s finance officer, summarized cash and budget figures for the board. She reported combined beginning balances of $266,042.35 across the IDA accounts and an ending balance of $272,113.31 after transfers and activity through late February 2025. Year-to-date revenue reported at the meeting was $606,126.84.

Committee actions preceded the full-board vote. The Finance Committee reviewed a 2024 investment report and recommended that the report be forwarded and included in the annual PARIS submission. The Audit Committee reviewed the audit and annual report and recommended those documents for submission to New York State. The Governance Committee reviewed the board self-evaluation, reported mostly positive survey results and authorized filing with the Authority Budget Office (ABO). Executive Director Maria said the board evaluation "does not have to go to the full board" for action and that individual survey responses would remain confidential and be disposed of after filing.

Votes at a glance

- Finance Committee: Resolution recommending the 2024 investment report for year ending 12/31/2024 and authorizing its inclusion in the PARIS submission to New York State — carried in committee (vote not specified in transcript).

- Audit Committee: Resolution recommending the annual report, PARIS report and audit for year ending 12/31/2024 and authorizing submission to New York State — carried in committee (vote not specified in transcript).

- Governance Committee: Resolution approving submission of the 2024 board self-evaluation to the Authority Budget Office (ABO) — carried in committee (vote not specified in transcript).

- Full board (Resolution 2025-7): Resolution to accept the annual report, PARIS report and audit for the year ending 12/31/2024 and authorize submission to New York State — motion by Mr. DiStefano, second by Mr. Cantoli; roll-call vote recorded as: Madden — yes; Hawkins — yes; Cantoli — yes; DiStefano — yes; Nemeth — yes; Sigerman — yes; Bruno — absent; Fredo — absent. Outcome: approved.

Board members and staff did not raise objections to the audit findings. Maria, the executive director, told the board the annual report "summarizes our year and all the policies that we need to follow," and confirmed staff would submit the PARIS report to the state as authorized.

The meeting record also reflected project-level compliance updates: PolyCraft and other contractors provided monthly compliance checks, and one waiver was granted to Brecknock Builders, as noted in staff materials. The auditors included a summary of active IDA projects and property tax exemptions in the audit packet.

The board adjourned after approving the filings and committee recommendations. Staff said they will file the PARIS submission and the board-evaluation materials with the appropriate New York State offices and the Authority Budget Office.