In his last report before the Development Corporation Division of the Commonwealth Development Authority, comptroller Stuart Smith said collections for the last month and a half have been good.
DCD board chairwoman Marcie Tomokane welcomed and praised Smith’s report. “Financials look good.”
Smith also furnished the board with a month-to-month profit and loss report which he said was generally consistent as it showed no irregularities in the operations.
He also said the agency is getting more historical data and may soon be able to do a year to year comparative data to see where trends are going.
As for the agency’s audit, Smith reported, “The audit is almost complete. We just have a few things we’re working with the auditor.”
“By the time I leave, we should have that finished,” he said.
He told the DCD-CDA board that the auditor, Deloitte & Touche did not bring up anything of significance that would cause audit findings.
For Smith, it was a “smooth audit.”
DCD chairwoman asked Smith if the board could have the final before Smith leaves office, Smith said it may not be possible.
He said, “In order to consolidate everything, they will need to wait till NMHC’s audit is complete.”
He, however, apprised the board of the auditor’s concern with the debt relief program.
Smith said he used the same metric of 120 days, that “if the loans are not 120 past due, they are good.”
He said auditor would like to see a performing history and it asked for a track record.
“They want to see two years performance on those accounts,” Smith said.
Smith told the board, “I think we’re very conservative on the whole portfolio.”
As it was Smith’s last report for the board, on behalf of the Development Corporation Division board, Tomokane expressed her appreciation for Smith’s efforts.
“We know that you have cleaned up the books, and we have seen audit reports faster than we used to and with a clean audit,” she said.
Smith also reported that CDA disbursed $600,000 for Arctic Circle Air last week.
