MDC finances get clean report from auditors

May 4-Midland Development Corp. board members received good news from the independent auditors' report by Forvis Mazars.

"MDC received what we call unmodified - that's auditor speak for clean opinions," Lauren Stamey, director at Forvis/Mazars, told board members at their monthly meeting. "This is the highest level of assurance that auditors can provide. You should be very proud of, that you received unmodified, clean audit opinions."

Detailing the audit, Stamey said Forvis Mazars reviews MDC and county policies and estimates to ensure management is applying Government Accounting Standards Board rules appropriately and consistently in preparing financial statements.

A major new standard this year was GASB 101, which governs compensated absences.

Estimates are part of any set of financial statements, she said. For MDC, the biggest estimate is related to leases. She said that includes the discount rate, lease terms and payments related to those leases. Hand in hand with that are financial statement disclosures that users are typically interested in. Those disclosures are related to leases, estimates, economic development commitments and related-party transactions.

She advised board members that new standards taking effect next year will be GASB 103, Financial Reporting Model Improvements, and GASB 104, Disclosure of Certain Capital Assets.

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This story was originally published May 5, 2026 at 3:26 PM.