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County finance staff flag FY23 capital‑asset duplication; auditors expected to restate prior year
Summary
Colfax County finance staff told commissioners they discovered duplicated capital asset records that may require restating the FY2023 audited financial statements and will be disclosed in the FY2024 audit; cash balances and grant drawdowns were also reviewed.
County finance staff told commissioners they discovered duplicate entries in the county's capital asset reporting that likely double‑stated prior year totals and will require a restatement in the FY2024 audit package, Justin (finance staff) said.
"Some assets were duplicated. So the value of capital assets was kinda double stated for the prior year audit," the finance presenter said, identifying an "original cost of about $2,000,000 and net of depreciation ... about $1,200,000" as the effect. The auditor will likely record a restatement and a finding characterized as a material weakness, staff said; they do not expect a modified opinion in most cases but said a footnote will describe the restatement.
Staff also reported that the county has about $23 million in governmental fund cash, with just under $10 million in the general fund and remaining balances in special revenue funds. After adjusting for reimbursable grants, staff estimated a smaller net increase in cash for the year. The finance director and staff plan to deliver the remaining audit schedules this week and to respond to follow‑up auditor requests as testing proceeds.
Commissioners discussed grant reauthorizations and drawdowns, including road‑department grants extended to June 30, 2027, and ongoing activity to submit reimbursements for airport and event center engineering and construction work. Staff said they are trying to draw down grants quarterly to show ongoing activity and to clear outstanding invoices.
No formal action beyond discussion was taken; commissioners accepted the financial update and directed staff to continue working with auditors and to finish outstanding schedules.
