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CRA audit returns clean opinion; TIF revenue and fund balance rise
Summary
Auditors gave the Community Redevelopment Agency (CRA) an unmodified opinion for the year ending Sept. 30, 2025, reporting about $108,000 more in TIF revenue from 2024 and an approximate $540,000 increase in fund balance, with no material internal-control weaknesses identified.
The Community Redevelopment Agency received an unmodified (clean) audit opinion for the fiscal year ending Sept. 30, 2025, auditor Julie Fowler told the board at the meeting. "On the financial statements, we've issued an unmodified opinion, and that means that, it's a clean audit opinion," Fowler said.
Fowler said auditors also issued an unmodified opinion on statutory compliance and did not identify material weaknesses in internal controls. "We believe you are in compliance with all of those requirements," she said, noting that the firm's procedures include required tests under Florida statute for CRAs.
The audit presentation highlighted two headline numbers. Fowler said TIF revenue, the CRA's primary revenue source, "went up about a $108,000 from 2024," and later summarized that the fund balance increased by "about $540,000 a year," putting the agency "in very good shape." She reminded the board that auditors test whether carried fund balances have assigned projects and reported the CRA was in compliance.
Fowler also flagged an accounting change the agency implemented during the year: a new standard affecting how accrued sick and vacation time is recorded. "You were required to implement one new accounting standard related to the way that accrued sick and vacation time is accounted for," she said, and added that the city finance staff helped implement it without issue.
Fowler said the auditors prepare a management letter as required by the auditor general; for this audit there were no unusual items or reportable noncompliance matters. The presentation included a five-year trend and comparisons focused on the most recent three years; Fowler noted that 2024 showed unusually high project spending tied to prior development activity and that 2025 returned to a more typical expenditure pattern.
The board asked no substantive follow-up questions during the presentation, and the chair thanked the auditor before moving on to the next agenda item.
