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Erath County receives unmodified FY2024 audit; treasurer reports $46.7 million in cash and investments
Summary
Auditor Eide Bailey presented an unmodified opinion on FY2024 financial statements and the treasurer reported $46.7 million in combined cash and investments; commissioners received the reports and approved routine financial items.
The Erath County Commissioners Court received a presentation of the county’s FY2024 audited financial statements and related reports on May 27. Jaren Stevens of auditing firm Eide Bailey told the court the firm issued an unmodified (clean) opinion on the county’s financial statements for the fiscal year ended Sept. 30, 2024, and did not identify material weaknesses in internal control over financial reporting.
Why it matters: an unmodified opinion indicates the auditor believes the statements present the county’s financial position fairly in accordance with generally accepted accounting principles; the reports also included a single‑audit opinion on major federal and state programs.
Key audit findings presented by Eide Bailey included: total assets and deferred outflows of about $73 million for fiscal 2024 (up roughly $1 million from 2023), net position of about $65 million (up about $5 million year‑over‑year), and a fund balance of about $32.3 million. The audit noted that net pension assets increased significantly and that a reduction in unearned revenue (primarily ARPA/SLFRF funds) decreased liabilities, producing the year‑over‑year change in net position.
The auditor reported compliance with major federal and state programs selected as part of the single‑audit process; the auditor identified the federal coronavirus State and Local Fiscal Recovery Funds (SLFRF/ARPA) as the county’s major federal program, and SB 22 funds as a major state program for the fiscal year. Eide Bailey also issued a report on internal control and a report on compliance required by the Uniform Guidance and Texas grant management standards; no instances of noncompliance or material deficiencies were reported at this time.
County Treasurer’s report: the county treasurer reported receipts for April 2025 of $1,869,528.23 and disbursements of $2,622,091.42. Cash in bank was reported at $13,338,834.05 and cash invested at $33,399,791.76, for a combined total of $46,738,625.81. The treasurer said there is no county debt and that bank accounts were reconciled.
The treasurer told the court the county received an opioid grant payment of $30,573.21 on April 8, 2025. The treasurer also said the county received a tobacco settlement grant payment on May 7, 2025 (amount not specified in the presentation). The treasurer discussed the county’s investment pools and reported an average yield across pooled investments of about 4.23%; the treasurer described options for spreading investments among state pools and local banks for liquidity and safety.
Commissioners also approved routine financial motions during the meeting, including receiving and filing the second quarter 2025 investment report and issuing orders to disburse presented invoices; a separate vote added Texas Class as an authorized broker/dealer for county investments (see "Votes at a glance").
Ending: auditors and county staff said documentation and the full audit report are available upon request to commissioners; no corrective internal control items were reported by the auditor at this meeting.
