CID board accepts 2025 audit showing $1.3 million net increase, $6.72 million reserve

The Abimore Community Infrastructure District No. 1 board voted Feb. 23 to accept the fiscal‑year 2025 audit prepared by Quest CPAs.

Kurt Folke of Quest CPAs briefed the board, saying, “And that this year is $1,305,934,” and outlining the district’s year of activity. Folke told the board the audit comprises two reports — a financial statement audit (pages 1–3 of the report packet) and an internal‑controls/compliance review (pages 18–19). He said the auditors found no reportable internal‑control findings for the year ended Sept. 30, 2025, and summarized the district’s financial moves: paying down about $15,000,000 on an infrastructure‑acquisition note and roughly $3,000,000 on outstanding bonds. Folke said the district’s ending fund balance was $6,724,476, “nearly all of that is restricted for debt service purposes,” and that those funds are held in the district’s bond accounts.

Board members asked whether the auditors had suggested improvements. Folke said there were no matters rising to the level of a finding but noted technical accounting areas where staff and auditors are refining behind‑the‑scenes tracking — he described working with a staff member named Andrea on a spreadsheet to better account for bond transactions. After the briefing a committee member moved to accept the audit, the chair seconded, and the board voted in favor to accept the 2025 audit as presented.

The audit acceptance was a formal action of the board; auditors provided the board with the full financial statements and the accompanying internal‑controls report in the meeting packet.