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Hardee County IDA audit shows $8.3M net increase in FY24; auditors issue unmodified opinion
Summary
Malden & Jenkins reported an $8.3 million increase in net position for FY24 and issued an unmodified opinion; the board accepted the audit after brief Q&A noting one low-severity finding about a subsequent disbursement not recorded in accounts payable.
Garrett Marlowe, senior manager at auditor Malden & Jenkins, told the Hardee County Economic Development Council / Industrial Development Authority that the IDA’s net position increased by $8.3 million in fiscal year 2024 and the firm issued an unmodified opinion on the financial statements.
"It was an unmodified opinion," Marlowe said, adding that revenues were up about 57% — roughly $4.4 million — while expenses increased by about $778,000. He described one audit finding: a single subsequent disbursement that was not recorded in accounts payable, which the auditors rated as low severity and said should be easily corrected for FY25.
The audit presentation included a description of the three reports that accompany the examination — the yellow book report on internal controls and compliance, an independent auditor’s management letter, and the independent auditor’s report. Marlowe said there were no disagreements with management and that the auditors received the written representations they expected at the close of the engagement.
Board members asked follow-up questions about the severity of the finding and the firm’s independence; Marlowe said the issue would be managed by staff during year-end closeout and reiterated that the firm remained independent. After discussion, a motion to accept the FY24 financial audit was moved and seconded and approved by voice vote.
The acceptance means the audited financial statements and accompanying reports will be filed as the official FY24 financial record for the IDA.
