County receives clean audit for 2023–24; auditors flag GASB 101 as upcoming reporting change

Pervis Gray accountants presented Marion County’s Annual Comprehensive Financial Report (CAFR) for the fiscal year ended Sept. 30, 2024, and reported an unmodified opinion — the highest level of assurance — at the Board of County Commissioners meeting July 1.

Tim Westgate, a partner at Pervis Gray, told the board the CAFR meets state reporting requirements and several external funding and debt‑market disclosure standards. He said the county has historically received the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting and that staff had submitted this CAFR for the award. Westgate commended county finance staff and constitutional officers for their cooperation during the audit.

Auditors said they found no material weaknesses or significant deficiencies requiring corrective action. Westgate noted an upcoming accounting pronouncement, GASB 101 (revising compensated absences reporting), that could change how the county reports certain liabilities; finance staff said they will work through the recalculation this summer and report back.

Finance Director Jennifer Cole and county staff highlighted the department’s dual products — the audited CAFR and a condensed popular annual financial report — and reminded the public that both are posted on the Clerk’s website. Commissioners praised the finance team’s transparency and the audit results.

Why it matters: an unmodified opinion affirms the county’s financial statements are presented fairly and conform to accounting standards; the GASB change could increase reported liabilities and affect long‑term financial disclosures.

Ending: auditors completed exit conferences with management and constitutional officers; staff will begin interim audit work for the next fiscal year and will address GASB 101 reporting requirements.