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Polk County presents condensed first-quarter financial report; software, audit work underway
Summary
County finance consultant presented a condensed Q1 financial report showing a decrease in cash balances driven by bond payments and timing of tax/intergovernmental receipts; county is preparing for the 2024 audit and implementing budget and HR/payroll systems.
Polk County officials received a condensed first-quarter financial report during the county board meeting on June 5, detailing cash balances, revenue/expenditure variances in the general fund and next steps for audit and software implementations.
The report, presented by Annette Storm of Abdo Financial Solutions, said the county’s cash and investment balances showed an $8 million decrease from year-end, largely attributable to bond payments due in February and timing differences in tax and intergovernmental receipts. Storm described the packet as a compact version of the quarterly report and said future quarters will expand to include other major funds such as highway and solid waste.
Storm said revenues tied to property taxes and county program aid are received in lump sums (July and December), which creates timing variances when comparing first-quarter actuals to 25% of annual budgets. She also highlighted a $900,000 settlement received for juvenile detention center legal claims that was not budgeted and therefore produces a variance in miscellaneous revenue.
On expenditures, Storm pointed to timing-driven variances: insurance premiums and bond principal payments that are paid early in the year; annual subscription fees for information systems; and payments related to Tri-County corrections legal fees that were offset by the settlement. She said some items currently recorded in the general fund will be reclassified during the audit (for example, debt service), reducing future variance signals.
Storm outlined ongoing work: monthly bank reconciliations, quarterly analytics that compare accounts to prior-year quarters, and efforts to close redundant bank accounts. She noted the county has closed roughly 22 accounts as part of cleanup requested in prior audits.
On systems and audit work, Storm said the county has begun implementing a new budget system (personnel data entry underway) and will start a UKG implementation for HR and payroll with a target go-live in October–November. The 2024 audit prep is underway with a goal to deliver information to auditors by July 1; Storm said auditors will then schedule on-site testing and the county expects to present the completed audit to the board in September.
Storm and county staff said property tax collection processes have been modernized (live receipts and daily tie-outs) and that settlement work is underway to distribute levies to jurisdictions.
The board did not take a formal vote on the presentation; the session recorded questions from commissioners about timing, fund scope and the cadence of future reports. Storm said the county intends to publish quarterly updates, with the next Q2 report expected in early August.
Ending: County staff said the report will expand in coming quarters to include more major funds and that work on audit cleanups should reduce many of the timing variances shown in the condensed Q1 report.
