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Auditor issues unmodified opinion on Amelia County's FY2024 financial statements; material adjustments traced to prior administration
Summary
Auditors issued an unmodified (clean) opinion on Amelia County's FY2024 financial statements and reported the audit was completed earlier than the previous year, though auditors noted a significant deficiency tied to material audit adjustments from the prior financial director's period.
Amelia County's independent audit for the fiscal year ended June 30, 2024, received an unmodified (clean) opinion, the county's audit partner told the Board of Supervisors. Auditor Michael Lupton reported the audit was completed about three months earlier than the prior year and highlighted key financial figures from the FY2024 report.
Lupton said total governmental fund assets were about $24.3 million with liabilities around $3.4 million and combined fund balances (restricted, committed and unassigned) of about $19.85 million as of June 30, 2024. Unassigned general fund balance was roughly $5.3 million. Total governmental revenues were about $28.5 million and expenditures about $28.8 million, yielding a decrease before transfers of approximately $278,000 and a net decrease after transfers of about $729,000 for the fiscal year.
The proprietary sanitary district fund reported assets of about $6.1 million, total liabilities of about $1.56 million and ending net position of about $4.5 million. The sanitary district posted operating revenue of about $569,000 and operating expenses of about $710,000, producing an operating loss that included non-cash depreciation; transfers from governmental funds totaled about $458,000, producing a net increase in net position of about $265,000.
Lupton said auditors identified a significant deficiency regarding material audit adjustments proposed during the audit process; he said most proposed adjustments related to transactions from the period overseen by the prior financial director and were necessary to bring the statements into conformity with generally accepted accounting principles. Despite that deficiency, Lupton said the firm issued an unmodified opinion.
The audit included a single-audit of federal programs that tested community facilities loans and grants, ARPA coronavirus state and local fiscal recovery funds, and the education stabilization fund; Lupton reported no instances of noncompliance were found for the federal programs tested.
County staff and interim administrator Michael Mundy thanked finance staff and auditors for their work; the county manager said finance will continue implementing new internal controls and policies and noted staff will present one internal-policy item per month going forward to strengthen controls.
The report and related schedules (budget-to-actual, balance sheets and fund statements) were reviewed at the meeting; Lupton recommended that board members begin by reading management's discussion and analysis for a high-level summary of the fiscal year.
