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CLA audit: Luzerne County receives unmodified opinion; pension funded ratio near peer average
Summary
Auditors from CLA delivered an unmodified (clean) opinion on Luzerne County’s financial statements for the year ending Dec. 31, 2024, highlighted a pension funded ratio near national averages, discussed GASB and federal reporting trends, and noted that fund balance matches best-practice guidance.
Auditors from CLA told Luzerne County Council they issued an unmodified (clean) audit opinion for the county’s financial statements for the year ended Dec. 31, 2024, and identified no material weaknesses in internal controls. Remy Omasour, a CLA principal, presented highlights and industry trends and answered council questions.
"We issued our audit opinion on the financial statements June 30, in line with the requirements and statue," Remy Omasour said, concluding the audit work that CLA performed this year. The audit found no material weaknesses or significant deficiencies required to be reported to governance.
Omasour told the council the county’s pension plan was about 77% funded, which he described as in line with national averages: "The pension plan is funded about 77%. On average across the country, it is about 78 to 80% is what we typically see." He also noted changes the Governmental Accounting Standards Board has issued that will increase disclosure and transparency, including new requirements to disclose concentrations and compensated-absence liabilities.
On cash and reserves, the auditors said fund balance and reserves are within best-practice guidance. Omasour cited Government Finance Officers Association guidance that recommends at least two months of expenditures on hand and noted the county’s position was approximately 2.8 months, which he described as "right in line with where the GFOA likes you to be." He also recapped larger items that affected the financial statements, including ARPA-funded projects, opioid-related receipts, and short-term tax anticipation notes of about $11 million that were issued and repaid during the year.
Council members praised the audit work. Council member Mister Thornton told CLA, "Fingers crossed. And thank you for complying with the June 30 deadline." Another council member thanked the county finance staff by name for their work during the audit.
CLA also discussed federal reporting initiatives. Omasour said the Federal Data Transparency Act (FDTA) will require digitized reporting of governmental financials into a database similar to corporate EDGAR filings and counseled local governments to begin planning for digital disclosure.
No formal policy action was taken at the meeting; CLA’s audit was presented for council information and the report will be part of the county’s public records.
