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CRA posts $12.4 million fund‑balance increase; auditors issue clean opinion on FY2023 statements
Summary
At its April 24 meeting the Boca Raton CRA received FY2023 financial statements showing about $127 million in total assets, a net position of roughly $67.18 million (up about $12.4 million), and a clean (unmodified) audit opinion; auditors reported no material weaknesses or compliance exceptions.
The Boca Raton Community Redevelopment Agency reviewed and received its fiscal‑year 2023 financial statements at the April 24 meeting and heard from the external auditors that the statements carry an unmodified (clean) opinion.
Jim Zervis, the CRA’s financial services director, summarized key figures from the report: total assets of just over $127,000,000; approximately $46,300,000 in capital assets; $414,000 in liabilities; and $59,000,000 in deferred revenue tied to future lease receivables. Zervis said the CRA ended the year with a net position — or fund balance — of about $67,180,000, an increase of roughly $12,400,000 compared with the prior year.
“We ended the fiscal year with just over $127,000,000 in total assets,” Zervis said, and noted that increased assessed valuation in the redevelopment area led to about $3,810,000 of additional tax‑increment revenues while expenses decreased about $7,200,000, driving the net increase in fund balance.
Markham LLP partners presenting the external audit reported an unmodified opinion and told the board they found no material weaknesses or significant deficiencies in the compliance testing required under Florida auditing rules. “The financial statements of the CRA present fairly, in all material respects,” one auditor said when summarizing the opinion.
Staff also pointed commissioners to required notes and supplementary information: note 9 (which details receipts and expenditures as required by Florida Statute 163.387) and the auditor’s compliance testing materials required by sections including Florida Statute 218.393 and rule 10.554(1). The auditors said the report was issued March 25 and is included in the agenda packet.
The presentation concluded with board members thanking staff and the audit team for the clean report; no formal board action beyond receipt of the report was recorded at the meeting.
