Auditor issues clean opinion; board reviews October finances and approves 4‑year annual services contract

The Virginia Beach Development Authority was presented with an unmodified ("clean") audit opinion on Nov. 17 for the fiscal year ended June 30, 2025, and the board reviewed October financial activity before approving an annual services contract for engineering and architecture work.

Laura Harden, engagement director for the audit firm, told the board the firm issued an unmodified opinion on the authority’s financial statements and that auditors identified no noncompliance, no material weaknesses in internal control over financial reporting, and no findings of fraud or abuse. "We issued what is called an unmodified opinion on the financial statements," Harden said.

Howie (finance staff) reviewed October cash flows: an operating beginning balance of $7,611,894 and an ending operating balance of $7,581,234; the presentation listed project draw payments for Atlantic Park, Innovation Park, Corporate Landing and other project expenses. Staff also reported EDIP appropriations carried forward of $12,166,585 and—per the packet presentation—an EDIP grant funds‑available figure shown as $5,000,542,781 (figure presented in staff materials).

City staff described a panel review of six RFQ responses for annual civil engineering and architectural services; the panel interviewed three firms and recommended a four‑year annual services contract with the selected respondent. The board moved, seconded and approved the contract award by voice vote.

Board members asked technical questions and acknowledged the clean audit. No formal objections to the financial report or the contract award were recorded in the public discussion.

What happens next: staff will execute the contract and continue routine financial oversight; any contract details will be finalized in procurement documents and will follow Virginia procurement law for annual services.