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CRA audit: S. Davis and Associates issues unmodified opinion; net position rose about $25 million in 2024
Summary
S. Davis and Associates presented the CRA’s fiscal-year 2024 audit, reporting an unmodified (clean) opinion, no internal control deficiencies, and an increase in net position from $113 million to $138 million driven largely by capital assets.
S. Davis and Associates presented the audit of the Community Redevelopment Agency’s fiscal year ending Sept. 30, 2024, telling the board on May 7 that the firm issued an unmodified opinion on the financial statements and found no reportable internal-control deficiencies.
Tanya Davis, audit partner, said the audit was performed in accordance with generally accepted auditing standards, government auditing standards and the provisions of Chapter 10.550 of the Rules of the Auditor General. "We issued an unmodified opinion on the financial statements," Davis said, characterizing that as the most favorable type of auditor’s opinion.
The audit highlighted increased capital assets tied to ongoing streetscape and underground-utility projects. Davis reported that the CRA’s net position rose from about $113 million in 2023 to approximately $138 million in 2024 — an increase of roughly $25 million — with about $75 million invested in capital assets and about $63 million restricted for future redevelopment. The auditors also performed a financial-conditions assessment required by the state and identified no conditions indicating the CRA was in a potential state of emergency.
Board members asked technical questions about fund balances and the relationship between revenues, assets and carryover funds; auditors and staff explained that the difference reflects accumulated net assets, restricted funds and investments carried forward for capital projects and that a budget amendment and more detailed fund-balance reporting will be forthcoming during the budget process.
The board accepted the audit presentation and thanked S. Davis and Associates for their work; no corrected or uncorrected misstatements were reported and auditors said no disagreements with management had been identified.
