A Clean Audit

By PJ Martin

Editor

The Herald-News

 

The Edmonton – Metcalfe Industrial Development Authority board met on Monday, January 27th for their regular monthly meeting. Everyone was in attendance except Donna Caffee. 

 The board approved the November 18, 2024 meeting minutes due to the fact the December 2024 meeting did not have a quorum and therefore could not hold the meeting. 

 Secretary/Treasurer Alley Bragg presented the financial report, “I’m going to go all the way back to November the 30th. So, we had our ESB interest deposit for $2.69, Chad (Pennington Stave) made his payment of $10, 941, 90. We paid the ESB loan on December the 13th for $10, 941, 90. Uh, we paid myself (Alley) for $148, 75 on December the 19th, we paid Taylor, Polson, & Company for our audit of $4,500 on December the 31st.” 

 “We had the ESB interest deposit of $2.30 Chad made his payment on January 8th for his $10,941 90. And then we are going to pay the ESB loan same amount, and that’s going to leave us with $21,779.75.” 

 The board approved the financial statement as presented. 

 The next item concerned the FY 23 Audit conducted by Taylor, Polson, and Company, PSC. Bragg read the letter from the auditor, “He said this is an unmodified or unqualified or clean opinion. The last report shows no problems with internal control or compliance. Jeff has also sent the SAS 114 report to government and management. This report is clean as well.” 

 The auditor suggested that instead of every 4 years that the board schedule an audit each year when he does the city’s audit. The cost of the 4-year audit was $4,500, which the board just approved for payment. The cost given for the 1-year audit was $1,500. That caused concern since he would be making $1,500 more by doing the audit each year.  

 It was decided that they should discuss the cost with the auditor before agreeing to do a yearly audit. 

 The meeting schedule for 2025 was next and Chairperson Lisa Boswell stated, “I want to point out that the first two months are the fourth Monday and not the third Monday. And I suspect as this month, because the third Monday would be a holiday…?” 

 No other business was presented so the meeting adjourned.