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TLDA audit committee acknowledges Comptroller audits, reviews FY2025 finances; minutes approved
Summary
The TLDA audit committee acknowledged unmodified audit opinions for TLDA and the Clean Water SRF, reviewed FY2025 financial measures including bonds and a $50 million appropriation to resume State Infrastructure Loan Program lending, and approved the June 23, 2025 minutes by roll call.
The Tennessee Local Development Authority (TLDA) audit committee acknowledged audit reports issued by the Comptroller's Office and reviewed FY2025 financial statements during its meeting.
Mr. Pierce presented the Comptroller’s audit reports for TLDA and the Clean Water State Revolving Fund (CWSRF), reporting that both entities received unmodified opinions and that the auditor performed a consideration of internal controls over reporting without issuing an opinion on the controls themselves. "There was an unmodified opinion issued for both entities and... there were no issues," he said.
In a separate financial summary, Ms. West told the committee that the TLDA state loan program had $315,000 in bonds outstanding at June 30, 2025; since year‑end $260,000 matured, leaving $55,000 outstanding, with the remaining bonds maturing in 2029. She said the State Infrastructure Loan Program has one loan in repayment but will resume lending activity using a recent $50 million appropriation; TDOT is reviewing applications. For the State Revolving Fund Loan Programs, she reported the Clean Water SRF net position at $1.37 billion and Drinking Water at $312 million.
The chair moved to approve the minutes of June 23, 2025; a second was recorded and the committee approved the minutes by roll call (recorded "Aye" votes included Secretary Hargrove, Treasurer Lillard, Mayor Brown and Mayor Bradshaw). The committee then acknowledged the audit reports, financial statements and other packet materials without further objection.
The meeting also received briefings on risk assessments and fraud reporting channels, and the committee adjourned after a short period of other business recognizing internal audit work by Treasury staff.
