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Agency approves finance report, discusses Jackson Hole budget transfers and solicits audit proposals
Summary
The board approved the monthly finance report, discussed transferring $394,000 from a Jackson Hole construction line to an OPA line to cover an OPA overage, and directed staff to solicit proposals from five local audit firms and Moss Adams after hearing an engagement offer from the incumbent not to exceed $16,000.
The Idaho Falls Redevelopment Agency on May 21 approved the finance report and discussed budget adjustments and audit procurement ahead of the next budget cycle.
Cassie reviewed the finance report and said higher totals reflect two months of invoices for the ELA member; she noted an overage on the Jackson Hole/Junction OPA line and explained the agency moved $394,000 from a Jackson Hole construction project line to the OPA line to cover the shortfall. Staff explained legal advice recommended doing budget transfers within a district rather than moving funds between districts, and said the agency has created a process to reopen and reevaluate budgets during the next budget cycle if necessary.
On audits, Cassie presented a short list of five local firms and noted the incumbent (RED) had provided an engagement letter for an audit not to exceed $16,000. The board agreed staff should solicit proposals from the identified local firms and from Moss Adams, and to return with comparative information and cost estimates to inform budgeting for the next fiscal year.
The board approved the finance report and the recommended steps to seek audit proposals unanimously.
