Auditor gives Post Falls Urban Renewal Agency a clean opinion; agency reports higher assets and tax-increment receipts

An external audit presented Feb. 19 by Alpine Summit CPAs concluded the Post Falls Urban Renewal Agency's fiscal year 2025 financial statements are materially correct, issuing an unmodified opinion commonly described by the auditor as a "clean opinion." Tony Hackwith, the presenting auditor, told commissioners the firm did not identify reportable findings related to the financial statements or internal controls within the scope of the audit.

Hackwith reviewed key financial figures drawn from the agency's balance sheet and statements of revenues and expenditures: total assets of about $4.46 million as of Sept. 30, 2025; a state investment pool balance that increased to roughly $4.40 million from about $3.0 million the prior year; an unassigned fund balance of approximately $1.425 million available for discretionary spending; total revenues reported near $2.4 million, of which roughly $2.19 million were property tax receipts; and expenditures of about $978,000 for the year. The auditor also noted revenues exceeded expenditures by roughly $1.45 million in 2025, compared with about $524,000 the prior year.

Commissioners asked for clarification about liquidity in the state investment pool; the auditor responded that the pool functions similarly to a cash account for the agency under the pool rules. Hackwith further explained that variations in cash balances reflect project timing and the large, project-driven nature of agency outlays.

The commission moved to accept the audit as presented and approved it by roll call. The agency's acceptance of the audit clears a customary step required before submitting the annual report and other materials to the City Council and the state audits division.

The audit presentation and acceptance were followed by routine staff items, and commissioners approved the 2025 annual report for submission to the City Council on March 17 and to the Legislative Audits Division of the Idaho State Controller's Office.