Auditor gives Rockbridge County a clean FY24 opinion; cites one significant internal-control deficiency

Robinson, Farmer & Cox (RFC) presented the Rockbridge County FY2024 audit results to the Board of Supervisors on Feb. 10, reporting a clean (unmodified) opinion on the county’s financial statements but noting one significant internal-control deficiency related to the timeliness of bank reconciliations.

Sadie Begoon, partner at Robinson, Farmer & Cox, told the board, “We have issued an unmodified opinion on the financial statements.” She summarized key figures: the county’s government-wide net position was about $50.8 million at June 30, 2024; governmental fund balance totaled roughly $48.3 million; and the county’s ratio of unassigned fund balance to general fund expenditures was 34.29%, well above the county’s 20% policy threshold.

Begoon said RFC identified no material weaknesses but did report a single significant deficiency arising from two major bank reconciliations that were not completed until January 2025. The firm recommended monthly reconciliations and cross-training in the treasurer’s office. Begoon also reported that the audit required a single-audit review of major federal programs and found no material weaknesses or compliance findings for those federal awards.

County staff and auditors discussed collection timing for property taxes (91% of the levy collected in the levy year, with later collections increasing that percentage) and the effect of revenue timing on budget-to-actual variances, including ARPA timing that caused some budget variances in FY24. Audit exhibits also show an operating gain for the county’s Blue Ridge Resource Authority fund driven by a reduced landfill postclosure liability estimate.

The board accepted the audit report on a roll-call vote and directed staff to post the audit and supporting documents online as with prior years.