BRUNSWICK

With a report that contained “no significant deficiences and no material weaknesses,” a South Portland accounting firm praised Midcoast Regional Redevelopment Authority’s annual financial audit.

Hank Farrell, an accountant with Runyan Kersteen Ouellette, gave the good news to MRRA’s Board of Directors during a special meeting Oct. 17.

During Fiscal Year 2013 MRRA sold 17 acres of property and 22 buildings for a return of $3.1 million, and received and spent nearly $5 million in federal grants and contributions.

Accurately setting property and sales values for the former Navy buildings it inherited continues to be a learning process for MRRA, according to Deputy Director Jeffrey Jordan.

“The Navy refused to provide us with a copy of its appraisals,” Jordan said. “All of its assets are estimated at ‘government values,’ which can be misleading because they were built to government specifications for very special purposes.”

Runyan Kersteen Ouellette made only four relatively minor procedural recommendations. Otherwise, Farrell said, the report was excellent.

“The less we say, the better you did,” Farrell told the board. “We only tell you bad news — we never tell you how good you did.” jtleonard@timesrecord.com

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