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Bradley County audit shows $17 million increase in net position; one finding on payroll reconciliations
Summary
At an annual audit meeting, Bradley County officials reviewed a state audit showing a $17 million rise in net position, a roughly $7.6 million reduction in long-term debt, maintenance of AA credit ratings and one repeat finding that payroll liability accounts were not fully reconciled to the general ledger.
Bradley County officials reviewed the county’s annual audit at the commission’s audit meeting, where the county’s financial statements for the year ended June 30 were presented as “fairly presented” and in conformity with generally accepted accounting principles.
The audit shows the county’s net position rose to $80,567,000, an increase of $17,000,000 from the prior year. Officials also reported a reduction in long-term debt of about $7,558,000 and an outstanding debt balance in the neighborhood of $59.7 million, most of which is for school-related borrowing. The county maintained its AA2 rating from Moody’s and a AA rating…
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