The SAM Board on the evening's meeting received the authority's Annual Comprehensive Financial Report (ACFR) for the fiscal year ending June 30, 2025, and voted unanimously to receive and file the document after a presentation by the external auditor.

Jared Somonson, audit partner at Nigro and Nigro, told the board that the firm issued an unmodified, or "clean," opinion on the financial statements and that no material weaknesses in internal control were reported. "In our opinion, the annual financial statements are presented fairly in all material respects," Somonson said during his presentation.

Somonson summarized key fiscal-year changes: operating and maintenance assessments rose year over year; total revenues increased from about $10.1 million in 2024 to about $10.7 million in 2025; capital asset additions were roughly $2.8 million in 2025 (down from about $3.2 million the prior year); and the authority finished the year with roughly $2.6 million in cash and investments. Depreciation expense increased materially, contributing to a higher total expense figure.

Board members asked several clarifying questions about presentation details in the statistical section, including a fund-balance chart that showed unrestricted balances above and below the axis for different years. Staff and auditors explained that the statistical pages are unaudited and that green bars in that graphic indicate unrestricted positive or negative balances; staff agreed to provide clearer chart annotations in future reports.

The report also incorporated adjustments tied to new accounting guidance (GASB 101) related to compensated absences. Staff and the auditor discussed a prior-period restatement tied to implementation; as presented, the only restatement noted was $72,507 related to compensated-absence reporting.

After questions, a motion to receive and file the ACFR carried unanimously. Staff said SAM will submit the report and related documents to the Government Finance Officers Association (GFOA) for award consideration, a process that typically takes several months.