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CID auditor reports clean FY2025 audit, $39.5 million net increase driven by bond issuance
Summary
Kurt Folke of Quest CPAs told the Spring Valley Community Infrastructure District board the FY2025 audit had no findings and showed a $39,526,648 net increase in fund balance, largely due to a $65 million bond issuance; the board later accepted the audited financial statements.
Kurt Folke of Quest CPAs told the Spring Valley Community Infrastructure District board that the district's fiscal year ended Sept. 30, 2025, audit "did go very well," reporting no findings in the internal control and compliance review. Folke walked the board through high-level financials and emphasized that the audit team found the district's accounting and documentation reliable.
Folke said the audit shows a net change in fund balance of $39,526,648, a figure he tied to the district's $65,000,000 bond issuance last year and $23,000,000 in infrastructure spending during the fiscal year. "The figure is $39,526,648," Folke said, and he further explained that about $60,000,000 of the infrastructure fund balance is earmarked for construction while roughly $35,000,000 is reserved for debt service. After the presentation, a motion to accept the FY2025 audited financial statements as prepared by Quest CPAs passed on a board vote.
