CRA receives clean audit; assets rise to about $173 million

Auditors for Davis & Associates presented the Hollywood CRA’s fiscal-year 2025 annual comprehensive financial report to the board on April 6 and issued an unmodified (clean) opinion.

The audit field work was substantially complete by March 11 and the auditor’s report was dated March 18. The audited financial statements cover the year ended Sept. 30, 2025. The auditor reported that total assets increased to about $173 million from roughly $143 million the prior year, largely because of capital improvements in progress. Liabilities increased to about $6.5 million and net position rose to approximately $167 million, of which roughly $76 million is restricted for future community development across both the beach and downtown districts.

The auditor said no internal-control matters or matters of noncompliance required disclosure and that limited procedures were applied to the management’s discussion and analysis and other supplementary information as allowed by auditing standards. The firm also performed the state-required financial-conditions assessment and found no indicators of a potential state of financial emergency.

"From a financial reporting standpoint, the CRA is doing very, very well," the auditor said during the presentation.

Board members asked for a list of projects covered by the restricted funds; the auditor pointed to the audited report (page 37) where those commitments are summarized. The board applauded staff and finance personnel for timely cooperation with the audit team.

The presentation was informational; there was no board action requested beyond acceptance of the report.