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Redevelopment agency accepts clean audit and approves July disbursements
Summary
The Sheridan Redevelopment Agency (SRA) received a clean audit from Adams Group (no difficulties or findings reported), will hold a short special meeting on Aug. 10 to approve letters of credit, and approved July disbursements totaling $166,773.40.
The Sheridan Redevelopment Agency accepted a clean, unmodified audit from the Adams Group. Eric Miller (Adams Group) told the agency that there were no difficulties encountered during the audit, no adjusting journal entries (beyond a reclassification), and no internal‑control findings.
Theresa (agency staff) said signed letters of credit from JPMorgan and Kimco have been received and will require the SRA to hold a short special meeting on Aug. 10 to approve them because they mature on Aug. 22. The board approved July disbursements of $166,773.40 (including $162,206 for city support services and $4,041.28 for other professional services).
Auditors reiterated that financial statements include estimates (for example, interest‑rate swap derivatives) but that the SRA’s statements are materially correct and ready for consolidation into the city's financial statements; the city's audit will follow once the SRA materials are finalized.
