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Kerr County Commissioners accept 2024 audited financial statement, auditors report unmodified opinion
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Summary
The Kerr County Commissioners unanimously accepted the county—s audited financial statements for the fiscal year ending Sept. 30, 2024, receiving an unmodified opinion from Armstrong Vaughn & Associates and a presentation of key fund balances and liabilities.
Kerr County Commissioners on Tuesday unanimously accepted the county—s audited financial report and independent auditors— opinion for the year ended Sept. 30, 2024.
The independent auditor, Debbie Frazier of Armstrong Vaughn & Associates, told the court the firm issued an unmodified opinion, the highest-level report, and highlighted the county—s cash and investment balances, long-term liabilities and pension funding levels.
Frazier said the county had about $43.6 million in unrestricted cash and investments on the full-accrual statement of net position, long-term debt of roughly $36 million, and a net pension liability of about $4.8 million. She noted the county—s net position included about $40.5 million of unrestricted funds and said Kerr County was about 95% funded for its Texas County & District Retirement System (TCDRS) obligations.
The auditor gave the court a high-level review of the governmental funds and the general fund budget-to-actual results, pointing out that the general fund ended with approximately $25 million in unassigned fund balance, or roughly 11 months of operating expenditures. The audit memo also identified only a small number of journal entries and no governance letter comments requiring corrective action.
Judge Kelly moved to accept the audit; the motion passed unanimously on a 4-0 vote.
The county will file the final audit as the official audited financial statements and proceed with the items Frazier said were included in the management—s MD&A and financial statements.
