Diversion Authority finance committee approves $5.78 million in bills, hears cash-budget and audit updates
June 25, 2025 | Fargo , Cass County, North Dakota
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The Metro Flood Diversion Authority Finance Committee on June 25 approved $5,776,765.65 in bills and accepted a finance report showing a net position of $340,246,982 through May 31.
The committee voted to approve the bills after Susan Thompson, finance director of the City of Fargo, summarized the packet: "Page 6 lists the total bills received through June 17. They total 5,700,000.0," noting that both May and June bill-backs from the City of Fargo contributed to the total and that large items included a Clay County flowage easement and a Cass County Joint Water District property purchase.
The action follows Thompson’s presentation of the finance report. Thompson told the committee that "through 05/31/2025 there's a grand total assets of $343,700,496" and that liabilities totaled about $3,400,000, producing the reported net position of $340,246,982. The committee voted to approve the finance report.
Executive Director Jason Benson delivered the cash-budget update and said the authority’s FY2025 budget is about $425 million and that planned WIFIA draws totaling $234 million have not yet been made. Benson said the authority had recorded roughly $91 million in revenues and, after accounting for expected draws, was on track for the year: "we're pretty well on track for our revenues for the year." He also reported $55 million in expenditures so far and described P3 milestone payments: the program had budgeted roughly $33 million and had made about $17 million in payments to date.
On state funding, Benson said $9 million for flood mitigation was included in a recent Minnesota bonding bill but that the amount is statewide and unallocated: "there was $9,000,000 that was in the bonding bill that was approved for flood mitigation across the state. We're still waiting from the Minnesota DNR" to determine allocations; he said the authority hoped for a local award in the range of $3 million to $5 million but that no specific earmark had been made.
The committee also reviewed the 2024 audit governance letter from Eide Bailly. Benson said the auditors found "no significant accounting estimates identified, no financial statement challenges" and no significant management-related issues. The audit presentation was informational; no board action was required.
Less-critical items discussed at the meeting included routine packet approvals and scheduling. The committee will next meet July 23.
The committee voted to approve the bills after Susan Thompson, finance director of the City of Fargo, summarized the packet: "Page 6 lists the total bills received through June 17. They total 5,700,000.0," noting that both May and June bill-backs from the City of Fargo contributed to the total and that large items included a Clay County flowage easement and a Cass County Joint Water District property purchase.
The action follows Thompson’s presentation of the finance report. Thompson told the committee that "through 05/31/2025 there's a grand total assets of $343,700,496" and that liabilities totaled about $3,400,000, producing the reported net position of $340,246,982. The committee voted to approve the finance report.
Executive Director Jason Benson delivered the cash-budget update and said the authority’s FY2025 budget is about $425 million and that planned WIFIA draws totaling $234 million have not yet been made. Benson said the authority had recorded roughly $91 million in revenues and, after accounting for expected draws, was on track for the year: "we're pretty well on track for our revenues for the year." He also reported $55 million in expenditures so far and described P3 milestone payments: the program had budgeted roughly $33 million and had made about $17 million in payments to date.
On state funding, Benson said $9 million for flood mitigation was included in a recent Minnesota bonding bill but that the amount is statewide and unallocated: "there was $9,000,000 that was in the bonding bill that was approved for flood mitigation across the state. We're still waiting from the Minnesota DNR" to determine allocations; he said the authority hoped for a local award in the range of $3 million to $5 million but that no specific earmark had been made.
The committee also reviewed the 2024 audit governance letter from Eide Bailly. Benson said the auditors found "no significant accounting estimates identified, no financial statement challenges" and no significant management-related issues. The audit presentation was informational; no board action was required.
Less-critical items discussed at the meeting included routine packet approvals and scheduling. The committee will next meet July 23.
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