Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Audit topic
No spam. Unsubscribe anytime.
Ken‑Caryl board accepts clean 2025 audit; staff outline banking cutover glitches and budget picture
Summary
The Ken‑Caryl Ranch Metropolitan District board accepted a clean 2025 audit and heard staff report on a PNC banking conversion that disrupted automated credit‑card feeds. Finance staff said tax collections are roughly 70% complete and projected $1.4 million remaining this year.
The Ken‑Caryl Ranch Metropolitan District board accepted an unmodified opinion on its 2025 financial statements after auditors told the board they found no material misstatements or reportable findings. "We anticipate issuing an unmodified opinion," audit partner Christine McPhail said during the audit presentation.
The audit presentation reviewed the district's financial position, noting roughly $21 million in total net assets and a general fund balance of about $2.9 million. Auditors said general revenues remain heavily dependent on property and specific ownership taxes, and they described upcoming Governmental Accounting Standards Board reporting changes that may alter future disclosures.
Finance staff also briefed the board on an ongoing banking conversion to PNC. Katrina, the district's finance staff, said the transition succeeded for most accounts but broke an automated bank feed that previously pushed credit‑card transactions into the district's expense system (Nexonia). "That feed was broken, and now we're finding out there isn't a way to get it back," Katrina said, adding that the team is working with PNC to restore the connection and, as a fallback, will manually enter receipts to keep records current.
Board members were told new PNC cards will arrive in the coming weeks and that staff updated an internal credit‑card policy and will require cardholders to re‑sign. Finance director Tina presented the year‑to‑date budget‑to‑actual figures: non‑tax revenue collected year to date was about $932,000 (primarily recreation), tax collections at roughly 70% of expected receipts, and total expenditures year‑to‑date near $2.2 million. Staff said they anticipate about $1.4 million in remaining tax receipts for the year and will continue to monitor seasonality and collections.
By roll call the board voted to accept the audit and authorized the finance director to submit it to the Colorado state auditor under CRS 29‑1‑601. The board also approved a resolution updating PNC signer permissions after the bank transition.
The board directed staff to continue monitoring the PNC conversion issue and to bring any material follow‑up to a future meeting.
