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The Troy Local Development Corporation received an unmodified audit opinion after additional documentation clarified prior findings involving property held for development, investments, and board oversight. One finding remains related to significant journal entries, while the King Fuels issue is expected to support unmodified opinions retroactive to 2024.
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The audit no longer includes a qualification, meaning the financial statements received the auditors’ standard favorable opinion. The remaining issue concerns journal entries needed to complete the audit. Auditors also found no inconsistencies in the PARIS report, and a Guaranteed Investment Contract addressed the investment-related finding.
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