Independent audit: Dorchester County receives clean opinion for fiscal 2024

Martin & Jenkins LLP issued an unmodified (clean) opinion on Dorchester County's fiscal 2024 financial statements and reported no audit findings, the firm's partner said during the council meeting Feb. 3.

Trey Scott, partner at Martin & Jenkins LLP, told the council the countyreceived a clean opinion and that auditors found no control deficiencies or reportable findings in the financial statements or the single audit of federal grant programs.

Why it matters: A clean audit and no findings on the single audit show the county complied with accounting standards and federal grant rules for the year and maintained healthy reserves and liquidity, officials said.

Scott said the county's government-wide net position exceeded liabilities by about $551 million. At the fund level, he said the general fund had a fund balance of roughly $49 million and an unassigned fund balance equivalent to about 5.3 months of expenditures. The county's water and sewer enterprise fund had a net position reported at about $299 million.

Scott also noted the county again qualifies for the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting and that auditors had no difficulties with management during the audit.

The presentation concluded with auditors noting strong capital reinvestment over the last five years and healthy operating cash flows in the water and sewer enterprise.

Ending: County officials received the report with no follow-up motions. County finance staff were commended for producing timely financial statements that met professional standards.