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Eagle Urban Renewal Agency accepts FY2024–25 audit; auditors report no findings
Summary
Commissioners accepted the fiscal year 2024–25 audit after a presentation from Quest CPA; the auditors reported a $1,051,229 net increase in fund balance, total reserves of $4,807,376 and no audit findings for the year.
The Eagle Urban Renewal Agency on Dec. 16 approved its fiscal year 2024–25 audit after a presentation by Quest CPA.
Kurt Folke of Quest CPA told commissioners the audit "did go very well" and said, "There are no findings this year, which is a good thing." Folke highlighted financial results on page 8 of the audit: a net change in fund balance of $1,051,229 and total fund balance of $4,807,376 coming into fiscal 2026, and interest earnings of $194,344 that helped the positive outcome.
During questions, commissioners asked whether legal proceedings or contingent liabilities would appear in the audit. Folke said contingent liabilities would be recorded only if attorneys determined an adverse outcome was probable and recordable within the government‑accounting cutoff. He also explained that "other revenue" typically includes small rental receipts and occasional proceeds from property sales.
After the presentation a motion to approve Resolution No. 25‑026 accepting and approving the annual audit passed by roll call. The board authorized the executive director to take the actions necessary to implement the audit report.
