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TLDA audit committee adopts minutes, hears clean audit opinions; TLDA reports bond redemptions
Summary
The TLDA Audit Committee on June 23 reviewed Comptroller of the Treasury audit reports for the TLDA and Clean Water SRF (unmodified opinions; no findings), approved prior minutes with a date correction, and received a financial update showing TLDA bond redemptions that lowered outstanding debt to $315,000.
The Tennessee Local Development Authority Audit Committee on June 23 approved prior meeting minutes and reviewed audit reports issued by the Comptroller of the Treasury for the TLDA and the Clean Water State Revolving Fund.
The committee adopted minutes for July 22, 2024, after a member pointed out a typographical error in the draft that misstated a prior minutes date; the correct prior date is May 31, 2023. The correction was accepted without objection and the motion to adopt was approved by voice vote.
A representative of the Comptroller of the Treasury told the committee both audit reports obtained unmodified opinions on the fairness of the entities' financial statements and "contain no findings," and that prior audits likewise contained no findings. The reports described the scope of testing performed on internal controls and compliance but did not provide opinions on internal control effectiveness or compliance beyond financial-statement opinions.
Alicia West of the Comptroller's Division of State Government Finance summarized TLDA financial information for fiscal year 2024. West said TLDA had $560,000 in bonds outstanding as of June 30, 2024, and that additional bonds were redeemed in March 2025, reducing the outstanding balance to $315,000. She added the bonds mature in 2029 and invited committee members to direct additional questions to the comptroller's division for follow-up.
Committee business also included routine governance items: review of the audit-committee responsibilities calendar, and reminders about management's responsibility to prevent, detect and report fraud, waste and abuse and the confidential reporting channels available through the Office of Internal Audit (Department of Finance & Administration) and the Comptroller of the Treasury hotline. The committee recorded no public comments and adjourned by voice vote.
The meeting packet includes the Comptroller of the Treasury audit reports for FY2023 and FY2024 for TLDA and the Clean Water SRF; those reports are the primary audited documents referenced at the meeting.
