The Bloomington Port Authority closed out 2025 with a clean audit. Andy Hering, a partner and government team leader at Redpath and Company, told commissioners the agency earned an unmodified opinion — auditor-speak for the best grade there is — with no findings on internal controls or legal compliance.
Auditor Andy Herring of Redpath presented an unmodified (clean) opinion on the Port Authority's 2025 year-end financials, with no internal-control or legal-compliance findings.
The numbers behind the opinion tell a mixed story. Tax increment financing revenue, the property-tax dollars the Port Authority collects from its redevelopment districts, rose roughly $1.4 million year over year. Investment income moved the other direction, falling about $600,000 to $700,000 as interest rates declined.
The audit is one piece of a bigger picture the Port Authority laid out for 2025. The agency, created in the 1980s to redevelop the old Metropolitan Stadium site into the Mall of America, now works citywide on real estate and development, business assistance and creative placemaking, a scope it broadened in 2022 and 2023 to include small business support.
Redpath, a Twin Cities accounting firm, specializes in audits for governmental entities, charter schools and nonprofits, and Hering leads that practice for the firm. A clean opinion doesn't mean the Port Authority's finances are unremarkable — it means the auditor found the financial statements fairly presented and didn't uncover any weaknesses in how the agency handles its money or follows the rules governing tax increment districts.