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Finance staff: audit nearing completion; $6 million of solar projects will be moved off county capital accounts
Summary
County finance staff told the audit committee the comprehensive financial audit is nearly complete, that beginning net-position balances will be restated to reassign about $6 million in solar projects to school ownership, and that the audited financial report is expected to be presented to the board in December or January.
County finance staff told the Buncombe County Audit Committee that the 2024-25 financial audit is substantively complete and that auditors have identified one finding requiring restatement of beginning balances tied to ownership of solar projects.
The presenter said the county is "95% complete" on the financial audit work and is drafting the comprehensive report for review by external auditors. The staff member told the committee that some solar projects placed in service during the audit period were recorded as county capital assets but contract terms indicate ownership should transfer to the schools; as a result…
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