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Audit flags unrecorded escrow account from TID 4 closeout, auditors say not material
Summary
During the 2025 audit presentation, CliftonLarsonAllen told the committee an escrow account tied to the TID 4 closeout was not recorded on the books; auditors described the issue as not material to the overall financial statements.
Auditors told the Administration Committee that during the closeout audit of Tax Increment District (TID) 4 they found an escrow account that had not been recorded on the city's books.
Erica Shaffer said the issue was discovered in TID 4’s closeout work and characterized it as not material to the financial statements as a whole: “it was found that we had an escrow account that was not recorded on the books.” Auditors noted TID closeout timing related to the Department of Revenue reporting and said TID 4 closed in April 2025 but remained listed on some schedules because of timing.
The committee did not take formal action on the TID closeout item at the meeting; auditors included the note as part of their communications and representation letter in the audit package. The auditing team encouraged staff follow-up to ensure all escrows and reimbursements are captured in year-end records.
