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Independent auditors issue unmodified opinion on Spalding County FY2024 financial statements
Summary
External auditors Malden & Jenkins presented the county's FY2024 audited financial statements, reporting an unmodified (clean) opinion and no material weaknesses; general fund revenues were about $69 million, expenditures $64 million, and the general fund balance rose about $5.5 million during the year.
Malden & Jenkins partner Justin Elliott presented Spalding County’s FY2024 audited financial statements to the commissioners on March 3 and reported an unmodified (clean) opinion and no material weaknesses in internal controls.
Elliott said the county’s general fund revenues were approximately $69 million versus expenditures of about $64 million in FY2024, producing a net increase in fund balance of roughly $5.5 million for the year and increasing the general‑fund balance to about $25 million over the last six years. He noted property taxes accounted for roughly 52% of general fund revenue and that the county’s fund balance equated to roughly five months of operating expenditures at current spending levels — a level auditors characterized as healthy. "As a result of our audit, I am pleased to say we were able to issue an unmodified opinion," Elliott told the board.
Elliott also said the auditors found no significant deficiencies or material weaknesses and thanked the finance team for their cooperation. Commissioners asked about pension funding; Elliott said pension-funded status had improved (the presentation reflected a funded level in the general range of about 70% depending on actuarial assumptions).
Ending: The audit presentation concluded with auditors recommending no corrective financial findings; commissioners thanked the finance staff for producing the reports on schedule.
