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Finance committee reviews large increase in fund balance; staff outlines one‑time uses and risks
Summary
Charleston County finance staff told the Finance Committee the county's audited net position and fund balances rose substantially in the most recent year; staff recommended using portions for facilities and capital equipment while warning some gains are one‑time and revenue risks remain.
Charleston County's Finance Committee heard a presentation on the county's fund balance and fiscal outlook, during which finance staff said audited results and higher interest income drove a large year‑over‑year increase in reserves.
Finance staff summarized three accounting perspectives on the county's finances and said the county's net position rose by $181,000,000 while the one‑year fund balance view increased about $80,000,000. The presentation said the General Fund's ending balance moved from an original $95,000,000 to $134,000,000 after the fiscal year 2023 audit.
The increase is the product of prior‑year audit adjustments, revenues above budget (notably interest income), and expenses that came in under budget, the…
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