A report from the North Carolina Office of the State Auditor shows North Carolina Global TransPark Authority made "significant misstatements" about its finances.
The report shows capital-related accounts were overstated by $7.3 million because expenditures were incorrectly capitalized and related to prior year activity that was already recorded.
Operating revenues, cash accounts, and salaries and benefits were also overstated by several million dollars.
The audit states that the errors were made because the authority did not adequately address the finance director vacancy between February 2022 and July 2024, and also didn’t design and implement adequate year-end procedures that would result in a complete and thorough review of the financial statements before submission for audit.
