Grundy County reports clean audit; general fund revenues slightly below projection

Grundy County's finance director reported completion of the fiscal-year 2024 audit and said the audit identified no material weaknesses, significant deficiencies or instances of noncompliance.

Matt (Finance Director) said the final piece of the audit, the federal data-collection form for federal grants, has been submitted with Mack and Associates and that staff did not face any audit issues. He characterized the audit outcome as positive for the county.

Matt also presented the county's general fund monthly budget update through March. He said general fund revenues totaled about $4,671,000, roughly 22% of the annual budget at this point in the fiscal year. State tax receipts were running slightly below his prior expectations and were about 10% lower in dollar terms at the moment, but Matt said income and replacement tax distributions that typically arrive after tax season should help close the gap in coming months.

On the expenditure side, through March the county had incurred about $6,293,000 in expenditures, about 29.23% of the budget. Matt noted several atypical payments in the month: a $25,000 annual appellate-services payment charged to the state's attorney's line, two months of probation salaries and benefits for the county's share, and a quarterly reimbursement to the ETSB for employer health insurance.

Matt also said interest-income recognition changed in last year's audit: investments were revalued at fair market value rather than cost, producing an adjustment that raised last year's numbers. He cautioned that year-to-date interest income is slightly behind expectations because of timing differences tied to that accounting change.

Board members asked questions but took no formal action on the budget at the meeting.