Title
Discuss and consider action to accept the Fiscal Year 2024 Annual Audit.
Summary
In previous years, PCDC has engaged an independent audit firm to conduct an annual audit and issue a separate report from the City's annual audit report. For fiscal year 2024, the City conducted an annual audit that included the audit of PCDC records. The PCDC financials are included in the City's annual audit as a component unit of the City. There will be no separate report issued for PCDC. The auditors issued an unmodified "clean" opinion for this audit.
Information specifically related to PCDC can be found on the following pages:
Statement of Net Position - Ending net position was $26.8M (page 16-17)
Statement of Activities - change in net position was $6,182,250 (page 18)
Notes to Financial Statements
Reporting Entity (page 31)
Cash and Investments (page 42 & 44)
Capital Assets (page 48)
Long-term Obligations (page 49 & 54-55) - Notes payable has been updated to reflect the commitments to the City
Commitments and Contingencies (page 65)
This report is marked draft as it is still in internal review with the audit firm. The audit has expressed that this report will be final for the March 25th council meeting. If any changes are noted this will be communicated to the PCDC board during the presentation.
Prior Action: Council accepted this annual report at their meeting held March 25, 2025.
Attorney Review Required:_____Yes _X____No
Supporting Documents:
Annual Comprehensive Financial Report for period ending September 30, 2024
Staff Recommendation
Accept
Drafter
Jerry W. Jones, Jr., Executive Director