Audit

Illinois' net position for governmental activities remains deep in the red but after years of falling further behind, it trimmed the gap in fiscal 2022.

The agency has already begun hiring new staff and preparing for an $80 billion dollar agencywide influx of funding.

The Utah Inland Port Authority, which sold $150 million of bonds in December, asked the audit team to provide direction on potential risks.

Illinois headed into the new fiscal year with healthier metrics on multiple fronts but its last audit illustrates the long-term drag posed by the state's retirement burden.

Audit times for municipal bond issuers are on the rise, with the median reaching 164 days in 2020 compared with 147 in 2009.

The audit was brought on by the Internal Revenue Service in September 2021 in connection with Series 2013B bonds.

New York State Comptroller Thomas DiNapoli's audit chided the agency for not fully evaluating economic development initatives.

Two issuers, the San Diego County Regional Airport Authority and the Village of Franklin Park, Illinois, have disclosed in the past week that they’re under audit by the Internal Revenue Service.

Tax-exempt bonds are a very different area of the law.

Another correctional facility avoids a private business use tax penalty.