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MEDC audit: Crowe issues clean opinion as assets and sales tax receipts rise
Summary
Auditor Crowe presented an unmodified opinion on the MEDC financial statements for the year ending Sept. 30, 2024, reporting total assets increased from about $6.1 million to about $7.9 million and noting strong sales-tax growth; the board voted 5–0 to accept the audit.
The Manvel Economic Development Corporation accepted its fiscal-year audit for the year ended Sept. 30, 2024, after an auditor from Crowe summarized results and answered board members’ questions.
Ben Cohen, who led the audit engagement for Crowe, told the board the economic development corporation’s financial statements received an unmodified (clean) opinion. Cohen said the audit found no corrected or uncorrected misstatements and reported no difficulties with management or other significant adverse events that would affect the auditor's opinion.
Cohen presented a snapshot of the MEDC’s financial position, saying total assets were roughly $6.1 million in the prior year and about $7.9 million in the current year. He attributed the increase primarily to rising sales-tax revenues collected for the MEDC.
"We gave the city and the economic development corporation the highest level of assurance over those financial statements," Cohen said, summarizing the audit conclusion.
Board members offered no substantive objections during the presentation. A motion to accept the audit was made and approved 5–0.
The board did not vote on any changes to MEDC policy or budget during the meeting; acceptance of the audit places the report in the record and allows staff and elected officials to rely on the audited financials for future budgeting and planning decisions.
Audited financial statements are available on request from the MEDC office; Cohen said he brought copies to the meeting but did not open the detailed statements on the record.
