Idaho Falls redevelopment agency weighs new finance reports, audit options and 2027 budget timetable

The Idaho Falls Redevelopment Agency on June 18 reviewed proposed changes to its financial reporting, approved routine minutes and expenditures, and received updates on audit options and the FY2027 budget schedule.

Cassie, an agency staff member who led the finance presentation, said the current budget-to-actual report “does not show revenues,” and proposed producing an income-statement (profit-and-loss) style report showing both revenues and expenses by district alongside a separate monthly finance report that would show available cash balances and checks paid. “The goal would be to ... get that all in one with the revenues and expenses,” Cassie said, adding she will test QuickBooks configuration and provide example reports to the board.

The proposal drew practical questions from commissioners about how the reports are generated and whether the outputs can include cash-flow and balance-sheet information without duplicative manual work. Commissioner (S4) asked whether the reports are produced manually; Cassie confirmed they are currently manual and said she will explore combining cash flow and expenditures within QuickBooks.

Cassie also reported on audit outreach. She said Jensen, Holson and Company has experience auditing urban renewal districts and is auditing nearby districts now, and that the agency could consider having the city’s auditor, Moss Adams, do the redevelopment audit as part of a city engagement — though past quotes for that option were higher than the prior auditing firm. Cassie said she is awaiting firm price quotes and will present full pricing when available.

On the FY2027 budget, Cassie said staff is compiling projections with the plan to approve a draft for publication in July, hold a public hearing in August and finalize the budget for a September 1 effective date. “That’s the goal,” she said.

Director Brad Kramer updated the board on project work tied to the budget. He said developer agreements (OPAs) are still being finalized for several projects; the Riverwalk hotel project, redesigned with development partner Woodbury, was the closest to advancing. Brad said the Willow Creek OPA is expected to be signed this week and scheduled for planning-and-zoning review in July. He also said Ball Ventures has invoices ready for a boneyard cleanup and staff will review reimbursement numbers in July.

Brad outlined administrative priorities that include preparing to close the River Commons district (targeted to close at the end of 2028), exploring a general-fund model to pool administrative percentages from districts, improving OPA checklists and city coordination (legal, public works, planning), and implementing public-facing project tracking and improved website graphics. Board members urged transparent rules for prorating initial transfers into any general fund and clear tracking so money originating in a district can be returned to taxing entities when appropriate.

Megan, representing REI, told the board that the state controller’s local government registry moved a set of annual submission deadlines from Dec. 1 to July 1; she said the agency’s staff has completed recent attestations and annual report submissions and will coordinate with Cassie on the earlier schedule.

The board approved the minutes and the expenditures/finance report by voice vote, and adjourned. The next meeting is scheduled for July 16, 2026, when the board will discuss the FY2027 budget draft.