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Finance director reports clean audit; agency fiscal metrics noted
Summary
Tammy Trowbridge presented two annual reports required for the agency's compliance: a readable annual report summarizing projects and goals and a financial audit that issued a clean opinion with no exceptions; she reported the agency has used 11.7% of its maximum indebtedness and is 16% through a projected 25-year agency life.
Tammy Trowbridge, finance director, presented two annual reports required for Urban Renewal Agency compliance and emphasized they are reporting items only; no board action was requested.
Trowbridge said the first report (prepared by Elaine Howard) summarized projects, agency goals and financial tracking. The second report, prepared by the auditors (transcript references an auditing firm), was a financial-compliance audit. "The auditors issued a clean opinion with no exceptions or issues requiring comment, encountered no significant difficulties in dealing with management in performing and completing the audit," she said. She added the audit found no agreements or disagreements with management.
Trowbridge also provided agency fiscal metrics: the agency is about 16% through its projected 25-year life and has used approximately 11.7% of its maximum indebtedness, which she described as evidence of fiscal caution. Board members did not request action on the reports during the meeting.
The reports were described as routine compliance items required for the Urban Renewal Agency; the finance director invited questions but none were raised on the record.
