Wayne County audit: unmodified opinion; general fund ends year with about $89 million

Wayne County commissioners on Feb. 4 received and accepted the countyaudit for the fiscal year ended June 30, 2024; auditors issued an unmodified opinion and reported a general-fund balance of roughly $89 million, or about 47% of general-fund expenditures.

The audit presentation was made by Dana Lane, a partner with the auditing firm Nunn Brashear, who told the Board the firm had issued an unmodified opinion nd found no material weaknesses or internal-control findings. "We have issued an unmodified opinion, which is the highest level of assurance that we can give you that those financial statements are fairly presented," Lane said.

Lane summarized key figures from the countyfinancial statements: approximately $59 million in cash, about $18 million in restricted cash, total governmental assets around $94 million and a governmental fund balance of about $89 million. The audit showed county revenues for the year were about $10 million under budget (largely grant timing) while expenditures were about $30 million under budget; the net effect was an increase in the general fund of about $16 million for the year.

On business-type (proprietary) operations, Lane said the county's enterprise activities (solid waste, Maxwell Center, Jetport and the sewer system) reported a combined increase in net position of roughly $1.9 million. She noted the county moved the sewer fund into the general fund as of July 1, 2024. The Maxwell Center showed operating losses that were offset in part by transfers and grants; Lane pointed commissioners to detailed schedules and said debt service and grant flows were reconciled in the statements.

Lane also walked the Board through state performance indicators used by the Local Government Commission (LGC). She said Wayne County's unassigned/general fund reserve of about 47% exceeds the typical LGC recommended range of 16% to 32% for a unit of Wayne County's size. Because the audit had no findings, the county does not owe a formal response to the LGC this year.

Commissioners voted to accept the audit report; the transcript does not record individual roll-call votes. County staff and commissioners expressed appreciation to the finance team and the auditors for the work.

The county auditor's full financial statements, management discussion and analysis, and exhibits were provided to the board and are part of the official record; Lane said the statements had already been reviewed by the Local Government Commission.