Auditor: Edmonds Public Facilities District could be at risk
Last updated 9/13/2018 at Noon
In its most recent audit of the City of Edmonds’ Public Facilities District, which operates the nonprofit Edmonds Center for the Arts, the State Auditor’s Office reported that the district has received recommendations on its financial sustainability in eight of its past nine audits.
The most recent, in July and accounting for 2017, found that the PFD board has taken steps to increase its operating revenues, but its operating margin continues a steep declining trend, from $4.4 million in 2014 to $2.9 million in 2017.
At the same time, PFD’s net assets accumulated by the ECA throug...