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>> GOOD EVENING. THE TIME IS NOW AT 6:45,
[Call To Order]
AND I'LL CALL TO ORDER THE COMMUNITY DEVELOPMENT AGENCY MEETING OF TUESDAY, APRIL 15.>> WE BEGIN WITH CITIZEN COMMENTS? DO WE HAVE ANY CITIZEN COMMENTS?
>> NONE. COUNCIL, WE HAVE BEFORE US,
[1. February 4, 2025 CRA Meeting Minutes.]
THE MINUTES OF THE FEBRUARY 4, 2025 CRA MEETING.IF THERE'S NONE, I'LL TAKE A MOTION IN A SECOND TO APPROVE THE MINUTES AS SUBMITTED.
>> MOTION AND A SECOND. ALL IN FAVOR SIGNIFY BY SAYING AYE.
> AYE. MOTION CARRIES UNANIMOUSLY.
THE ONE ITEM WE HAVE ON THE AGENDA TONIGHT IS A PRESENTATION,
[2. Town of Jupiter’s CRA fiscal year 2024 Annual Comprehensive Financial Report (ACFR) by CBIZ CPA Firm.]
TOWN OF JUPITER CRA FISCAL YEAR 2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT BY CBIZ CPA FIRM. WELCOME.>> GOOD AFTERNOON. BOARD OF COMMISSIONERS EXECUTIVE DIRECTOR OF THE JUPITER COMMUNITY REDEVELOPMENT AGENCY.
I'M ONE OF THE AUDIT PARTNERS WITH CBIZ CPAS, AND WE'RE A CPA FIRM ENGAGED TO AUDIT THE JUPITER CRA.
AS PART OF TODAY'S AGENDA PACKAGE, YOU SHOULD HAVE RECEIVED A COPY OF THE AUDITED FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED SEPTEMBER 20, 2024.
IF YOU WOULD LIKE TO FOLLOW ALONG, I'M GOING TO MAKE REFERENCE TO THE PRINTED PAGE NUMBERS.
IF YOU TURN WITH ME TO PRINTED PAGE 1, YOU'LL FIND OUR INDEPENDENT AUDITS REPORT.
THIS IS, IN ESSENCE, THE CONCLUSION REPORT REGARDING THE AUDIT THAT WE PERFORMED.
THE FIRST PARAGRAPH, TITLE OPINIONS, MAKES REFERENCE TO WHAT WE'VE AUDITED, AND AS MENTIONED IN OUR REPORT ON PRINTED PAGE 1.
WE'VE AUDITED THE FINANCIAL STATEMENTS OF THE GOVERNMENTAL ACTIVITIES, THE MAJOR FUND OF THE JUPITER CRA, WHICH IS A COMPONENT UNIT OF THE TOWN OF JUPITER, FLORIDA, AS OF AND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024.
THE FOLLOWING PARAGRAPH, WHICH BEGINS WITH IN OUR OPINION, IS OUR OPINION PARAGRAPH, WHICH I BELIEVE IS THE MOST IMPORTANT PARAGRAPH WITHIN THE REPORT, WHICH MAKES REFERENCE TO THE FACT THAT THE ACCOMPANYING FINANCIAL STATEMENTS THAT ARE PRESENTED AS PART OF THE DOCUMENT PRESENT FAIRLY NO MATTER RESPECTS, THE FINANCIAL POSITION OF THE GOVERNMENTAL ACTIVITIES AND THE MAJOR FUND OF THE AGENCY, AS OF YEAR END AND THE RESPECTIVE CHANGES IN ITS FINANCIAL POSITION.
IN ESSENCE, IT'S A CLEAN OPINION, AND IT'S THE ONLY OPINION YOU AS A BOARD WANT TO BE ASSOCIATED WITH IN TERMS OF WHAT WE PERFORM, WHICH IS A FINANCIAL EXTERNAL AUDIT.
FOLLOWING THE AUDITS REPORTS, IF YOU'RE FOLLOWING LONG ON PRINTED PAGE FOUR, YOU FIND THE MANAGEMENT DISCUSSION AND ANALYSIS.
THE PURPOSE OF THE MDNA IS TO PROVIDE THE READERS OF THE CRA FINANCIAL STATEMENTS OR NARRATIVE OVERVIEW REGARDING THE FINANCIAL ACTIVITIES OF THE CRA FOR FISCAL YEAR 2024 AS COMPARED TO 2023.
THESE PAGES, WHICH ARE PUT TOGETHER BY MANAGEMENT, HIGHLIGHT THE FINANCIAL ACTIVITY OF THE CRA, NOT ONLY ITS ASSETS LIABILITIES, BUT ALSO ITS REVENUE EXPENSES FOR THE FISCAL YEAR, AS WELL AS FUTURE ECONOMIC FACTORS IN THE NEXT YEAR'S BUDGET.
THIS RUNS THROUGH PRINTED PAGE 9.
THE NICE THING ABOUT THE MDNA IS THAT NOT ONLY DOES IT PROVIDE YOU THAT QUANTITATIVE INFORMATION, BUT MANAGEMENT, WHAT THEY'RE DOING IN THEIR VIEW IS PROVIDING THE READERS THE UNDERLYING JUSTIFICATION OR REASON OF WHAT'S DRIVING THAT ACTIVITY OF 2024 AS COMPARED TO FISCAL YEAR 2023.
FOLLOWING THE MDNA, IF YOU'RE FOLLOWING LONG ON PRINTED PAGE 10, YOU'LL FIND THE STATEMENT OF NET POSITION, WHERE YOU HAVE THE ASSETS LIABILITIES AND THE DIFFERENCE OF BOTH CLASSIFICATIONS OF ASSETS AND LIABILITIES EQUATES TO YOUR NET POSITION AS A FISCAL YEAR END.
THE LARGEST ASSETS BEING THE CAPITAL ASSETS, ALSO KNOWN AS PROPERTY PLAN AND EQUIPMENT.
THEN THERE'S LIABILITY FOR THE ADVANCE DUE TO THE TOWN OF JUPITER.
THE DIFFERENCE IS YOUR NET POSITION.
AS MENTIONED HERE, THERE'S NO UNRESTRICTED NET POSITION BECAUSE OUTSIDE OF WHAT IS INVESTED IN YOUR CAPITAL ASSETS, YOUR ENDING NET POSITION OR YOUR EQUITY BALANCE IS RESTRICTED FOR COMMUNITY DEVELOPMENT.
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YOU HAVE YOUR STATEMENT OF ACTIVITIES.THIS SHOWS YOU ALL YOUR INS AND OUTS ON A FULL ACCRUAL BASIS.
WE START OFF FOR ACCOUNTING PURPOSES UNDER GOVERNMENT ACCOUNTING STANDARDS WITH EXPENSES.
THOSE ARE NETTED AGAINST YOUR PROGRAM REVENUE AND AT THE BOTTOM, WE TAKE CREDIT FOR TAX INCREMENT REVENUE AND INVESTMENT EARNINGS.
JUST WANTED TO POINT OUT THAT THE NET DIFFERENCE OF YOUR INFLOWS AND OUTFLOWS EQUATED TO A POSITIVE CHANGE IN YOUR NET POSITION OF JUST SHY OF 1.8 MILLION, BRINGING YOUR BEGINNING NET POSITION OF 8.3 MILLION TO 10.1 MILLION FOR YEAR END.
THE FOLLOWING STATEMENTS ARE THE MODIFIED ACCRUAL BASIS STATEMENTS OF THE CRA RELATED TO HIS GENERAL FUND.
ON PRINTED PAGE, WE HAVE A BALANCE SHEET, THE RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF NET POSITION ON PRINTED PAGE 13.
THEN ON PRINTED PAGE 14, ON A MODIFIED ACCRUAL BASIS, YOUR STATEMENT OF REVENUES, EXPENDITURES AND CHANGE IN FUND BALANCE.
THEN THE CLOSE OUT ON PRINTED PAGE 15, WHICH IS THE RECONCILIATION OF MODIFIED ACCRUAL CHANGE IN FUND BALANCE TO YOUR FULL ACCRUAL CHANGE IN NET POSITION.
FOLLOWING THE STATEMENTS ON PRINTED PAGE 16, YOU WILL FIND THE NOTES TO THE FINANCIAL STATEMENTS.
JUST WANTED TO HIGHLIGHT ONE OF THE FOOTNOTES MAKING REFERENCE ON PRINTED PAGE 19 IS, AS WE KNOW, THE CRA DOES NOT HAVE ANY EMPLOYEES AND THEREFORE DOES NOT HAVE ANY RELATED BENEFIT COSTS WITHIN THESE FINANCIAL STATEMENTS AS A COMPONENT UNIT OF THE TOWN OF JUPITER.
THE CRA USES TOWN PERSONNEL TO PERFORM ITS OPERATING ACTIVITIES AND PAYS THE TOWN AND ALLOCATED FEE FOR SUCH SERVICES.
THEREFORE, YOU DON'T SEE PAYROLL COSTS WITHIN THESE FINANCIAL STATEMENTS.
FOLLOWING THE FOOTNOTES, IF YOU TURN WITH ME TO PRINTED PAGE 26, YOU HAVE A BUDGETARY COMPARISON SCHEDULE.
WE HAVE THE ORIGINAL BUDGET OF THE CRA AS COMPARED TO THE FINAL BUDGET THAT WAS APPROVED BY THE ELECTED BODY.
THEN THE THIRD COLUMN IS THE ACTUAL AMOUNTS UNDER A GAAP BASIS.
GAAP STANDS FOR GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.
THAT'S THE COLUMN THAT REFLECTS THE AMOUNTS THAT WE'VE AUDITED.
THEN THE DIFFERENCE BETWEEN YOUR BUDGETED AMOUNTS AND YOUR ACTUAL AMOUNTS ARE SHOWN IN THE FOURTH COLUMN AS THE VARIANCE BETWEEN ACTUALS AND YOUR FINAL BUDGET.
FOLLOWING ALONG ON PRINTED PAGE 28, WE HAVE OUR YELLOW BOOK REPORT, ALSO KNOWN AS OUR GOVERNMENT AUDITING STANDARDS REPORT.
ON THE PRINTED PAGE 28, WE MAKE REFERENCE OR EXPLAIN TO THE READERS OUR RESPONSIBILITY OVER REPORTING OUR INTERNAL CONTROLS OVER FINANCIAL REPORTING.
AT THE BOTTOM OF PRINTED PAGE 28, THIRD PARAGRAPH, THE REPORT OF INTERNAL CONTROLS.
WE MAKE REFERENCE TO THE FACT THAT DURING OUR AUDIT, WE DID NOT IDENTIFY ANY DEFICIENCIES AND INTERNAL CONTROLS THAT WE CONSIDERED TO BE MATERIAL WEAKNESSES.
IF WE'VE HAD MATERIAL WEAKNESSES TO REPORT, WE'RE REQUIRED TO DO SO IN WRITING AND WE WOULD USE THIS REPORT AS A TOOL TO REPORT ANY DEFICIENCIES.
ON PRINTED PAGE 29, WE MAKE REFERENCE TO THE TEST THAT WE DID IN TERMS OF COMPLIANCE WITH CERTAIN PROVISIONS OF LAWS, REGULATION, CONTRACTS, AND GRANT AGREEMENTS.
AS MENTIONED, OUR TEST DISCLOSED NO INSTANCES OF NON COMPLIANCE IN REGARDS TO THE CRA.
THE FINAL DOCUMENT ON PRINTED PAGE 33 IS OUR EXAMINATION REPORT.
WE MAKE REFERENCE TO FLORIDA STATUTE 163, WHICH STIPULATES CERTAIN PROVISIONS THAT THE CRA MUST ADHERE TO IN TERMS OF WHAT OPERATIONAL ACTIVITIES OR EXPENSES COULD BE COVERED UNDER THE CRA AS AN ENTITY.
AS MENTIONED IN THIS REPORT, WE TEST THE EXPENSES OR EXPENDITURES THAT THAT FLOW THROUGH THE CRA TO ENSURE THAT YOU'RE IN COMPLIANCE WITH FLORIDA STATUTE 163.
AS MENTIONED HERE, WE DID NOT COME ACROSS ANY EXPENDITURE THAT IS NOT ALLOWED UNDER FLORIDA STATUTE UNDER THE PURVIEW OF COMMUNITY REDEVELOPMENT AGENCIES.
THAT SUMMARIZES THE AUDITED FINANCIAL STATEMENTS FOR THE CRA.
WE ARE PRESENTING THE FINANCIAL STATEMENTS TODAY ON APRIL 15, BUT THESE WERE ISSUED AND RELEASED TO THE BOARD IN ON MARCH 28TH.
IF YOU HAVE ANY QUESTIONS, ADDRESS ANY QUESTIONS YOU MAY HAVE.
>> ANYBODY ON THE COMMISSION HAVE ANY QUESTIONS? JUST ONCE AGAIN, THANK YOU FOR THE AUDIT.
I THINK ALL OF US UP HERE CONSIDER THIS PERHAPS ONE OF THE MOST IMPORTANT FUNCTIONS WE HAVE IS TO MAKE SURE THAT THAT WE'RE VERY TRANSPARENT AND ACCURATE IN OUR BUDGETING AND EXPENDITURES AND THE FACT THAT YOU'VE GIVEN US A CLEAN OPINION AGAIN,
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WE'RE GRATEFUL FOR THAT, BUT OBVIOUSLY OUR STAFF EARNED IT.THAT'S THE BAR WE'D LIKE TO HAVE. THANK YOU.
>> TURNING TO THE REPORTS, COMMISSION ATTORNEY?
>> ANY COMMISSIONER COMMENTS? SEEING NONE.
THE TIME IS NOW 6:55, AND WE'LL ADJOURN THE CRA MEETING.
* This transcript was compiled from uncorrected Closed Captioning.