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The audit opinion was put on hold until a May 1 special meeting while the Troy Local Development Corporation addresses a valuation issue involving the King Fuels property and other audit findings.
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The independent audit found a disclosure issue related to property held for development, along with a deficiency in internal controls and a need to document that a large deposit is properly secured. The board plans to review appraisals and a possible May 1 letter of intent related to the King Fuels property before finalizing the audit. The financial statements showed a net cash increase of $7.5 million, largely tied to bond issuance.
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