URA finance update: account balances reported; staff says fraud protections restored and account numbers changing

Forest Park URA staff presented the agency's September financial summary on Oct. 9, reported balances in operating accounts and Georgia Fund 1 holdings, and described recent banking security steps after attempted unauthorized transactions.

The board was shown a cover-sheet summary for September that listed combined operating starting balances and activity: an opening operating cash figure (budget line referenced as $8,721,202), deposits of $42,388, withdrawals of $392,002 and an ending operating balance of $8,371,003.83. The packet reflected year-to-date operating revenue and investment income figures and an operating expense line with year-to-date spending shown as modest against budgeted amounts.

Finance staff said one bank account number will be changed as a precaution after the board observed attempts at unauthorized ACH debits and some checks that were later reversed. Staff said implemented controls—positive pay and an ACH block—stopped many improper transactions and that Truist has restored normal service. Staff also itemized Georgia Fund 1 account balances: one account beginning balance of $17,654,001.06 with monthly earnings of $62,055.56; a second account beginning balance of $30,220,009.16 with monthly earnings reported at $106,229.XX, yielding updated totals shown in the packet.

Direct questions by board members sought confirmation that invoices to Partnership for Southern Equity were covered under a blanket purchase order and that final invoices would be reconciled; staff said the consultants remained on a blanket PO and that any final invoices would be provided to the board for transparency. No formal votes or budget amendments were taken during the financial briefing.