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Erie redevelopment authority accepts 2025 audited financials; auditor reports no material weaknesses
Summary
The Erie Redevelopment Authority accepted its 2025 audited financial statements after ZA LLP reported an unmodified opinion, modest year-over-year changes to net position and a single-audit with no compliance findings. The board also heard the Erie Land Bank audit had an unmodified opinion.
The Erie Redevelopment Authority board voted to accept the authority’s audited 2025 financial statements after Zelinkovski Axelrod (ZA) presented an audit that yielded an unmodified opinion, the board was told.
George Jervich, principal at ZA, told the board the independent audit found the authority’s financial statements to be materially correct and reported a total net position of about $8.8 million, an increase of roughly $309,000 from the prior year. Total revenues were reported at about $4.3 million, down by roughly $8.3 million from the prior year due in part to lower American Rescue Plan Act (ARPA) funding recognized this year and because a $5 million loan receivable recognized in the prior year materially increased last year’s revenues. Total expenditures were about $4.0 million, a decrease from the prior year of approximately $477,000.
"The authority is receiving an unmodified opinion," Jervich said, meaning the auditors found no material misstatements in the financial statements. He also summarized a reporting adjustment under note 13 that added previously unrecorded furniture to capital assets, increasing net position by roughly $40,000.
Jervich summarized the single-audit results for federal programs: total federal expenditures tested were about $2.7 million, the ARPA program was selected for testing, and the single audit produced an unmodified opinion on compliance with no internal-control deficiencies to report.
A board member asked whether auditors had any informal suggestions to improve internal controls or processes; Jervich said the staff and business office appeared to be maintaining appropriate controls for current staffing levels. Board members also asked about the Erie Land Bank audit; staff said the land bank audit was submitted to its board, that it received an unmodified opinion as well, and that the land bank’s report would be forwarded to redevelopment authority members.
The board moved, seconded and approved acceptance of the audited 2025 financial statements by voice vote. The board did not record roll-call vote tallies in the meeting transcript.
Next steps: staff will circulate any follow-up audit items and the land bank audit report to board members for their records.
