Auditor gives Fairview a clean opinion for FY 2021–22 but flags late audits, controls and accounting adjustments

Dickey and Tremper LLP audit partner Rob Tremper told the Urban Renewal Agency and City Council on Oct. 15 that the firm issued clean audit opinions on the FY 2021–22 financial statements but identified timing and internal-control issues that warrant management attention.

For the Urban Renewal Agency, Tremper said audit adjustments included recording about $180,000 of retainage payable (funds withheld under construction contracts) and properly capitalizing approximately $250,000 of a prior deposit tied to a land purchase. The audit also reflected implementation of a new lease accounting standard that affected the renewal agency’s accounting for the food court leasehold improvements and other items, Tremper said.

Tremper described a material weakness tied to audit timing: both the City and the Urban Renewal Agency are several years behind on completing audits, which…