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RCA board receives FY25 audited financial statements; auditors issue clean opinion
Summary
Deputy Finance Director Jennifer Fuller and Brown Armstrong partner Lindsey Zimmerman reported an unmodified (clean) audit opinion for FY25, noting RCA's net position rose about $74 million to $769 million, driven largely by capital grants, contributions, and mitigation fees; the board adopted the audited statements 17-0.
The RCA board received the fiscal year 2025 audited basic financial statements and adopted the item on the consent agenda. Jennifer Fuller, deputy finance director, introduced the file and told the board that "the auditors have issued an unmodified or clean opinion with this year's audit." Staff announced the action passed by a 17-0 tally.
Fuller summarized the year: RCA's net position increased by approximately $74,000,000 to $769,000,000, driven primarily by higher capital grants and contributions and higher-than-anticipated mitigation fees and interest earnings. Capital assets (net of depreciation) increased by $57,000,000, reflecting the addition of more than 3,200 acres of land, including about 730 acres added to additional reserve lands; the combined fund balance at June 30 was reported as $112,000,000, an increase of nearly $17,000,000 from the prior year.
Lindsey Zimmerman, partner at Brown Armstrong Accountancy Corporation, presented the audit scope and results for the fiscal year ended June 30, 2025. Zimmerman stated the auditors issued an unmodified (clean) opinion and reported no material weaknesses, no reportable internal-control deficiencies, no instances of noncompliance with laws and regulations identified in the audit, no corrected or uncorrected misstatements, and no disagreements with management.
Zimmerman also noted adoption of recent GASB standards relevant to disclosures and the financial reporting model; the auditor closed by inviting questions, and none were recorded in the provided excerpt.
Next steps: staff will finalize the audit report materials and include them in the authority's annual report and public records.
