San Juan County Commission accepts FY25 comprehensive financial report after clean audit

San Juan County commissioners voted Jan. 7 to accept the county's fiscal year 2024 Annual Comprehensive Financial Report after an auditor presentation that reported no internal-control findings and unmodified opinions on both the financial statements and federal single-audit compliance work.

Finance staff introduced the presentation and an external audit partner summarized the results, telling the commission the audit produced a "clean" (unmodified) opinion and that the county had no exceptions under the more stringent Yellow Book requirements. The auditor also reported no required adjusting journal entries and no findings for the year, continuing what he said was multiple consecutive years without audit findings.

The auditor noted the county prepares an ACFR with supplemental information above what state auditing rules require and highlighted awards San Juan County has earned for financial reporting and budgeting. He told commissioners the general fund ended the year with about $47 million in fund balance and that overall assets and liabilities on a government-wide basis left the county with roughly $201 million in net position on a full-accrual basis.

Commissioners asked for and received brief clarification on accounting items the auditor mentioned, including the presentation of long-term leases as deferred inflows and the composition of the county's cash and investments. After discussion the board moved and approved resolution 242551, accepting and approving the FY25 Annual Comprehensive Financial Report.

The action formalizes the commission's acceptance of the audit and authorizes the county to file the required documentation with state authorities.