Arapahoe County officials said Tuesday that independent auditors issued an unmodified (clean) opinion on the county's annual comprehensive financial report for the year ended Dec. 31, 2024, and that the single audit of federal awards contained no findings.

The clean opinion and the lack of single-audit findings mean that, after audit procedures, CliftonLarsonAllen concluded the county's financial statements are materially correct, auditors said. "We did issue an unmodified or clean audit opinion for the year ended 12/31/2024," auditor John Paul LeChevollier said during the presentation.

The report matters because it indicates the county's financial statements present a reliable view of assets, liabilities and results of operations and because the single audit tests compliance for federal grant programs the county administers. "This part is very black and white," LeChevollier said of the single audit, noting auditors tested six federal awards and found no new findings for 2024.

County finance director Todd Weaver and Heather Lynn, accounting division manager, walked commissioners through highlights. The audit noted continued recognition of American Rescue Plan Act (ARPA) funds in 2024: roughly $35,000,000 related to state and local fiscal recovery funds and about $3.5 million tied to emergency rental assistance were recognized when spent, the auditors said. The financial statements showed a strengthening of net position: about $52,000,000 on a long-term basis and roughly $7,500,000 on a short-term (budget-like) basis.

Lynn highlighted the county's general fund position: total general fund balance near $100 million and an unrestricted balance of about $89.9 million, representing roughly 34% of 2024 general fund expenditures of $264,000,000. "Our unrestricted fund balance is about 34% of our 2024 expenditures," she said, noting that the figure equates to about four months of operating reserves.

The audit also flagged a material near-term change commissioners should note: property tax receivables were expected to increase in 2025 because of ballot Issue 1A and the removal of TABOR revenue growth restrictions, a change that will affect future years' revenues though it did not change the 2024 audit result.

On internal-control and corrective-action history, LeChevollier said the firm did not issue findings for 2024 and confirmed closure of two prior-year findings tied to federal housing programs. "We did have two findings relating to the Community Development Block Grant (CDBG) program as well as the HOME program" in 2023, the auditor said, and those items were closed after corrective actions were implemented.

The report includes fiduciary reporting on the Arapahoe County Retirement Trust Fund. Lynn reported a fiduciary net position of $414,900,000 and cited a total pension liability reported by the actuary of about $667,000,000, leaving an unfunded net pension liability near $252,000,000 and a funded ratio of roughly 62% as presented in the audit. She also provided contribution and investment-return detail from 2024, including net investment income around $32,600,000.

Commissioners and attendees praised finance staff and auditors for the work required to close the year. Commissioner Windelli said the clean report was notable: "That is really saying something," and Todd Weaver thanked departments, elected offices and accounting staff for their roles in producing the report.

What happened and what's next: the audit document and related management letter were provided to the board; the report contains unaudited introductory and statistical sections and references component units (for example, the airport) whose audits are performed by other auditors but roll into the county statements. County staff will continue routine financial reporting and follow-up items tied to implementation of state and federal program changes.