HomeMy WebLinkAboutMDC Audit Letter and Resolution
1
104 E. Fairview Ave
#239
Meridian, ID 83642
208.830.7786
www.meridiandevelopmentcorp.com
December 3, 2025
Eide Bailly LLP
877 W. Main Street, Suite 800
Boise, Idaho 83702
This representation letter is provided in connection with your audit of the financial
position of the governmental activities and each major fund and the respective changes in
financial position of Meridian Development Corporation as of September 30, 2025, and for
the year then ended, and the related notes to the financial statements, for the purpose of
expressing opinions on whether the basic financial statements present fairly, in all material
respects, the financial position, results of operations, and cash flows, where applicable, of
the various opinion units of Meridian Development Corporation in accordance with
accounting principles generally accepted for governments in the United States of America
(U.S. GAAP).
Certain representations in this letter are described as being limited to matters that are
material. Items are considered material, regardless of size, if they involve an omission or
misstatement of accounting information that, in the light of surrounding circumstances,
there is a substantial likelihood that, individually or in the aggregate, they would influence
the judgment made by a reasonable user based on the financial statements.
We confirm that, to the best of our knowledge and belief, having made such inquiries as we
considered necessary for the purpose of appropriately informing ourselves as of December
3, 2025:
Financial Statements
1. We have fulfilled our responsibilities, as set out in the terms of the audit
engagement letter dated September 15, 2025, for the preparation and fair
presentation of the financial statements of the various opinion units referred to
above in accordance with U.S. GAAP.
2
2. We acknowledge our responsibility for the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of
financial statements that are free from material misstatement, whether due to fraud
or error.
3. We acknowledge our responsibility for the design, implementation, and
maintenance of internal control to prevent and detect fraud.
4. We acknowledge our responsibility for compliance with the laws, regulations, and
provisions of contracts and grant agreements.
5. We have reviewed, approved, and taken responsibility for the financial statements
and related notes.
6. We have a process to track the status of audit findings and recommendations.
7. We have identified and communicated to you all previous audits, attestation
engagements, and other studies related to the audit objectives and whether related
recommendations have been implemented.
8. Significant assumptions used by us in making accounting estimates, including those
measured at fair value, are reasonable.
9. Any related party relationships and transactions have been appropriately accounted
for and disclosed in accordance with the requirements of U.S. GAAP.
10. All events subsequent to the date of the financial statements and for which U.S.
GAAP requires adjustment or disclosure have been adjusted or disclosed.
11. The effects of all known actual or possible litigation and claims have been accounted
for and disclosed in accordance with U.S. GAAP.
12. All funds and activities are properly classified.
13. All funds that meet the quantitative criteria in GASB Statement No. 34, Basic
Financial Statements—and Management's Discussion and Analysis—for State and
Local Governments, GASB Statement No. 37, Basic Financial Statements—and
Management's Discussion and Analysis—for State and Local Governments: Omnibus as
amended, and GASB Statement No. 65, Items Previously Reported as Assets and
Liabilities, for presentation as major are identified and presented as such and all
other funds that are presented as major are considered important to financial
statement users.
3
14. All components of net position, nonspendable fund balance, and restricted,
committed, assigned, and unassigned fund balance are properly classified and, if
applicable, approved.
15. Our policy regarding whether to first apply restricted or unrestricted resources
when an expense is incurred for purposes for which both restricted and
unrestricted net position/fund balance are available is appropriately disclosed and
net position/fund balance is properly recognized under the policy.
16. All revenues within the statement of activities have been properly classified as
program revenues, general revenues, contributions to term or permanent
endowments, or contributions to permanent fund principal.
17. All expenses have been properly classified in or allocated to functions and programs
in the statement of activities, and allocations, if any, have been made on a
reasonable basis.
18. All interfund and intra-entity transactions and balances have been properly
classified and reported.
19. Deposit and investment risks have been properly and fully disclosed.
20. Capital assets, including infrastructure assets, are properly capitalized, reported,
and if applicable, depreciated.
21. All required supplementary information is measured and presented within the
prescribed guidelines.
Information Provided
22. We have provided you with:
a. Access to all information, of which we are aware that is relevant to the
preparation and fair presentation of the financial statements of the various
opinion units referred to above, such as records, documentation, meeting
minutes, and other matters;
b. Additional information that you have requested from us for the purpose of
the audit; and
c. Unrestricted access to persons within the entity from whom you determined
it necessary to obtain audit evidence.
23. All transactions have been recorded in the accounting records and are reflected in
the financial statements.
4
24. We have disclosed to you the results of our assessment of the risk that the financial
statements may be materially misstated as a result of fraud.
25. We have no knowledge of any fraud or suspected fraud that affects the entity and
involves:
a. Management;
b. Employees who have significant roles in internal control; or
c. Others where the fraud could have a material effect on the financial
statements.
26. We have no knowledge of any allegations of fraud, or suspected fraud, affecting the
entity’s financial statements communicated by employees, former employees,
vendors, regulators, or others.
27. We are not aware of any pending or threatened litigation, claims, and assessments
whose effects should be considered when preparing the financial statements and we
have not consulted legal counsel concerning litigation, claims, or assessments.
28. We have disclosed to you the identity of the entity’s related parties and all the
related party relationships and transactions of which we are aware.
29. There have been no communications from regulatory agencies concerning
noncompliance with or deficiencies in accounting, internal control, or financial
reporting practices.
30. Meridian Development Corporation has no plans or intentions that may materially
affect the carrying value or classification of assets and liabilities.
31. We have disclosed to you all guarantees, whether written or oral, under which
Meridian Development Corporation is contingently liable.
32. We have identified and disclosed to you the laws, regulations, and provisions of
contracts and grant agreements that could have a direct and material effect on
financial statement amounts, including legal and contractual provisions for
reporting specific activities in separate funds.
33. There are no:
a. Violations or possible violations of laws or regulations, or provisions of contracts or
grant agreements whose effects should be considered for disclosure in the financial
statements or as a basis for recording a loss contingency, including applicable
budget laws and regulations.
b. Unasserted claims or assessments that our lawyer has advised are probable of
assertion and must be disclosed in accordance with GASB-62.
c. Other liabilities or gain or loss contingencies that are required to be accrued or
disclosed by GASB-62
d. Continuing disclosure consent decree agreements or filings with the Securities and
Exchange Commission and we have filed updates on a timely basis in accordance
with the agreements (Rule 240, 15c2-12).
34. Meridian Development Corporation has satisfactory title to all owned assets, and there are
no liens or encumbrances on such assets nor has any asset or future revenue been pledged
as collateral, except as disclosed to you.
35. We have complied with all aspects of grant agreements and other contractual agreements
that would have a material effect on the financial statements in the event of noncompliance.
___________________________________
Ashley Squyres, Administrator
MERIDIAN DEVELOPMENT CORPORATION
THE URBAN RENEWAL AGENCY OF THE CITY OF MERIDIAN
Resolution No. 25-025
BY THE BOARD OF COMMISSIONERS OF THE URBAN RENEWAL AGENCY
OF MERIDIAN, IDAHO, A/K/A THE MERIDIAN DEVELOPMENT CORPORATION:
A RESOLUTION OF THE BOARD OF COMMISSIONERS
OF THE URBAN RENEWAL AGENCY OF MERIDIAN,
IDAHO, ACCEPTING AND APPROVING THE FISCAL
YEAR 2024-2025 ANNUAL AUDIT REPORT FOR THE
MERIDIAN DEVELOPMENT CORPORATION ("MDC");
AUTHORIZING AND DIRECTING THE ADMINISTRATOR
TO TAKE ALL NECESSARY ACTION REQUIRED
REGARDING THE ANNUAL AUDIT REPORT; AND
PROVIDING AN EFFECTIVE DATE.
THIS RESOLUTION, made on the date hereinafter set forth by the Urban
Renewal Agency of the City of Meridian, Idaho, an independent public body corporate
and politic, authorized under the authority of the Idaho Urban Renewal Law of 1965, as
amended, Chapter 20, Title 50, Idaho Code, a duly created and functioning urban
renewal agency of the City of Meridian, Idaho, hereinafter referred to as the "MDC."
WHEREAS, the MDC, an independent public body, corporate and politic, is an
urban renewal agency created by and existing under the authority of and pursuant to
the 'Idaho Urban Renewal Law of 1965, being Idaho Code title 50, chapter 20, as
amended and supplemented, and the Local Economic Development Act of 1988, being
Idaho Code, Title 50, Chapter 29; as amended and supplemented (collectively the
"Act");
WHEREAS, the MDC was established by Resolution No. 01-367 of the City
Council of the City of Meridian, Idaho (hereinafter the "City Council"), adopted July 24,
2001;
WHEREAS, the City Council of the City of Meridian, Idaho (the "City"), on
October 8, 2002, after notice duly published, conducted a public hearing on the
Meridian Revitalization Plan (the "Revitalization Plan");
WHEREAS, following said public hearing the City adopted its Ordinance No. 02-
98E on December 3, 2002, approving the Revitalization Plan and making certain
findings;
RESOLUTION NO. 25-025 (Approval of 2025 Annual Audit Report) - 1
WHEREAS, the MDC Auditor has prepared the 2025 fiscal year Annual Audit
Report for the urban renewal district and the board has reviewed the report;
WHEREAS, the Annual Audit Report found the MDC finances to be in order and
MDC desires to approve and accept the 2025 fiscal year Annual Audit Report and
desires that the Administrator take all necessary action regarding the report as required
by law;
NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE BOARD
OF COMMISSIONERS OF THE URBAN RENEWAL AGENCY OF MERIDIAN, IDAHO,
A/K/A THE MERIDIAN DEVELOPMENT CORPORATION, AS FOLLOWS:
Section 1: That the above statements are true and correct
Section 2: That the Board finds the audit report and the agency's finances to
be in order and hereby accepts and approves the 2025 fiscal year
Annual Audit Report.
Section 3: The Board authorizes the Administrator to take all necessary action
to implement this resolution and comply with Idaho law concerning
the 2025 fiscal year Annual Audit Report.
Section 4: That this resolution shall be in full force and effect immediately
upon its adoption and approval.
PASSED AND ADOPTED by the Urban Renewal Agency of the City of Meridian,
Idaho, a/k/a the Meridian Development Corporation, on December 10, 2025.
Signed by the Chairman of the Board of Commissioners, and attested by the
Secretary to the Board of Commissioners, on this December 10, 2025.
APPROVED:
By
Dave Winder, Chairman
ATTEST:
Steve Vlak, Secretary
ESOLL - N . 25-025 (Approval of 2025 Annual Audit Report) - 2