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City of Fargo fiscal agent reports clean audit; restricted SRF cash and CIP growth highlighted
Summary
The City of Fargo, acting as fiscal agent, reported a clean opinion on the Diversion Authority’s 2025 audit, noting a $33M increase in assets, a $95M increase in CIP from milestone payments, and differences between accrual (audit) and cash (monthly) reporting.
Y. Pappenfoes, assistant finance director for the City of Fargo, told the finance committee the Diversion Authority’s 2025 financial statement audit received a clean opinion when the report was issued on June 22.
"We have a clean opinion on our audit report overall," Pappenfoes said while summarizing the audit scope and timeline. He emphasized the difference between accrual-basis annual financials (the audit) and the cash-basis monthly reports the committee sees, and noted a new line item for restricted SRF reserve cash held at the Bank of North Dakota.
Pappenfoes highlighted a $33,000,000 increase in assets and a $95,000,000 increase in CIP tied to milestone payments made in 2025. He summarized 2025 totals as about $150,000,000 in revenues and $211,000,000 in expenses and said auditors tested internal controls to reduce risk of material misstatement.
The committee moved to accept and file the audit report and the motion passed by roll call. The item will be forwarded to the board for final action.
