The Bloomington Port Authority closed out 2025 with a clean audit. Andy Hering of Redpath and Company told commissioners the agency earned an unmodified opinion, which is auditor-speak for the best grade there is. The audit found no problems with internal controls or legal compliance.
City of Bloomington@CityofBloomingtonMNAuditor 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.07/21
The numbers behind the opinion tell a mixed story. Tax increment financing revenue rose roughly $1.4 million over 2024. That's the property-tax money the Port Authority collects from its redevelopment districts. Investment income went the other way, falling about $600,000 to $700,000 as interest rates came down.
A clean opinion doesn't mean nothing interesting happened in the books. It means the auditor found the financial statements fairly presented and turned up no weaknesses in how the agency handles its money or follows the rules that govern it.
Hering is a partner at Redpath and leads the firm's government and nonprofit practice. He audits governmental entities, charter schools and nonprofits, and has worked at the firm since 2000. He's also Redpath's "Knowledge Partner," which puts him in charge of the firm's quality control and professional standards.
The audit is one piece of the Port Authority's larger 2025 picture. The city created the agency in the 1980s to redevelop the old Metropolitan Stadium site into the Mall of America. For years it focused on the South Loop. In 2022 and 2023 it went citywide and added small business help to its economic development work. Today it covers 3 areas: real estate and development, business assistance and creative placemaking.
With the audit done, there's no open question left on 2025. The Port Authority Commission's next scheduled meetings are Oct. 20, Nov. 17 and Dec. 15, each from 5:15 to 7:15 p.m.
From the meeting: Port Authority Meeting, July 21, 2026.
