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West Hay Market JPA accepts clean audit as Moody’s upgrades bonds to AAA; treasurer reports healthy cash reserves
Summary
The JPA accepted a clean audit from Forvis Mazars and heard that Moody’s raised its bond rating to AAA. Staff reported strong near‑term revenues and reserves, including occupation taxes up about 4.28% year over year and a cash balance of roughly $40 million.
The West Hay Market Joint Public Agency unanimously accepted a clean audit of the agency's financial statements on March 25, and staff reported positive fiscal results including a recent Moody's upgrade to AAA for the agency's bonds.
Amy Shrek, assurance partner with Forvis Mazars, presented the audit and said the firm issued an unmodified (clean) opinion on the financial statements for the period ending Aug. 31, 2025, and reported no material weaknesses or significant deficiencies in internal control. "We did issue a clean audit opinion on the financial statements," Shrek said, and highlighted disclosures including fair‑value measurements, related‑party transactions and contractual commitments.
Treasurer and finance director Joe Dinger reviewed operating results and the payment register for November–December 2025. Staff recorded approximately $20.4 million in payments over the two months, including roughly $17 million in principal and interest debt service. Dinger reported year‑to‑date revenue of about $15.2 million, led by occupation taxes of approximately $8.4 million (about 4.28% above the prior year), and a cash balance near $40 million after the recent debt service payments. He said the JPA remains well above its policy reserve (one times annual debt service) and within financial metrics cited by Moody's.
Mayor Luren Gayler Baird and board members moved to accept the audit; the motion was seconded and passed by roll call (3–0). The board also approved the payment register and expenditure report for the period discussed.
Board members and staff noted the bond upgrade by Moody's and asked staff to provide written confirmation from bond counsel that the park funding and other proposed capital commitments would not jeopardize covenants; staff reported bond counsel had provided a letter to that effect.
The JPA then proceeded to a set of operational contracts and other agenda items, all of which passed by unanimous votes. The meeting adjourned with the next meeting scheduled for April 23, 2026.
