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Cabarrus County audit: clean opinion; commissioners debate moving $23.6 million to Community Investment Fund
Summary
County auditors issued an unmodified opinion for fiscal 2024; commissioners discussed but did not vote on transferring approximately $23.6 million of unassigned fund balance into the Community Investment Fund, citing desire to retain flexibility while the 2025 budget deficit remains under review.
Cabarrus County officials received an unmodified audit opinion for fiscal year 2024 and reviewed fund-balance details at the Feb. 18 Board of Commissioners meeting. Auditor Matt Breyer of Martin Starnes and Associates told the board the county’s financial statements were “in accordance with GAAP” and that the audit included no material weaknesses or significant deficiencies.
The audit showed total general-fund balance of about $236 million and an unassigned general-fund balance of roughly $83 million. Accounting adjustments and commitments left an unassigned balance equivalent to about three months of operating expenditures (about 22% of annual expenditures), the auditor said. Revenues…
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