Randall County auditors present 2024 comprehensive financial report; auditors find no material findings

John Maris, audit partner with Gosher, Pickens and Francis, presented Randall County's annual comprehensive financial report for the year ending Sept. 30, 2024, to the Randall County Commissioners Court during its February 2025 session. The report covers the county's financial position, operations and notes to the financial statements, and includes management's discussion and analysis prepared by the county auditor.

The independent auditor's presentation summarized major figures: the county reported cash and cash equivalents of about $37,000,000 (up about $9,300,000 year over year, driven largely by restricted bond proceeds), investments of about $32,700,000, total capital assets of roughly $184,488,000 (an increase of about $19,300,000) and unrestricted net position of about $30,159,000 (down about $6,600,000). Maris said much of the cash increase was restricted for a roads bond project and that unrestricted cash actually declined by about $6,000,000.

The auditors highlighted project-related capital additions: roughly $15.9 million in additions included a jail expansion and about $13.2 million of that amount related to construction in progress; approximately $9.7 million in transfers to capital service related to completed fiber and train projects placed into service during FY2024 and now subject to depreciation. Maris also summarized the county's debt profile, noting combined debt obligations rose by about $4.5 million largely due to a new bond issuance and that net existing debt was reduced when offsets are considered.

On retirement liabilities, the audit shows the county's TCDRS pension plan actuarial valuation produced a net pension liability of about $5,300,000, a drop of about $6,300,000 from the prior year. The auditors reported the plan's funded ratio at 88.9% as of the 12/31/2023 valuation and advised the commission that year-to-year volatility is driven by market gains and losses outside the county's direct control.

Maris told the court the audit found no material weaknesses or significant deficiencies in internal control and no noncompliance that must be reported. He said the county qualifies as a low-risk auditee for single-audit purposes and that the financial statements and notes are presented in accordance with generally accepted accounting principles. Maris also noted the county again received the Government Finance Officers Association certificate of achievement for excellence in financial reporting.

Commissioners asked for clarifications on several points reported in the audit. The tax assessor-collector's improved collection rate (reported in the audit as an increase to about 98.63%) and the auditors'explanation that increased collections and higher valuations drove year-over-year property tax revenue growth were discussed. The county auditor and the audit partner also answered questions about the new GASB lease accounting disclosures, subscription liabilities for software arrangements, and the 10-year trends that appear in the back of the report.

No formal action beyond thanks and acknowledgment was recorded on the audit presentation. John Maris recommended that the commission consult directly with TCDRS staff if the commissioners consider plan changes, saying on-the-record valuations would be most useful for decision-making.

The court thanked the auditors and accepted the presentation.