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Audit: Emigration Canyon fund balance up; no audit findings in FY24 six‑month statements
Summary
The district’s FY24 audited financial statements (six‑month reporting period for Jan. 1–June 30, 2024) showed an increase in net position and no audit findings. The audit and interim statements prompted council questions about cost allocations and invoicing for shared services.
The auditor presented Emigration Canyon’s audited financial statements covering the six‑month period from Jan. 1 to June 30, 2024, noting the condensed reporting period required by the district’s transition to a fiscal year. The auditor told the council the district’s net position increased during that span and that the audit produced no findings.
The contracted auditor reported that Emigration Canyon’s assets stood at approximately $4,400,000 and liabilities at about $215,000, producing an approximate net position of $4,200,000. For the fiscal period reported, the canyon’s revenues were stated as $446,000 and expenditures $379,000, a positive difference of roughly $66,870. The auditor said that change increased the canyon’s fund balance from about $133,000 to roughly $199,000 at the end of the reporting period.
The presenter emphasized that the audited statements covered only six months because of the calendar‑to‑fiscal‑year transition and that stakeholders should expect subsequent statements for the remainder of the fiscal year. The report also included interim financial statements through Dec. 31, 2024, showing sales tax and other revenue lines near expected year‑to‑date levels.
Council members asked specific follow‑ups about cost allocations and shared invoices. One council member questioned whether the district had billed East Idaho District (EID) for 50% of certain costs (CodeRed service); the auditor agreed to research the supporting documentation and return with an answer.
Why it matters: The audit found no material weaknesses or reportable findings and shows the canyon’s short‑term finances in better shape than some members expected. Council members still raised questions about interjurisdictional billing and allocation of overheads, signaling follow‑up work on invoicing and reconciliation.
What’s next: Staff and the auditor will review the CodeRed and other expense allocations raised by council members and report back with supporting documentation. The council will continue to receive monthly or interim financial statements for the fiscal year when available.
