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County receives clean opinion on 2024 comprehensive annual financial report; net position up over decade
Summary
Independent auditors issued an unmodified (clean) opinion on the county's June 30, 2024 financial statements and noted net position rose from about $164 million in 2015 to roughly $349 million in 2024; long‑term liabilities include a $45M net pension liability and liabilities for OPEB and LOSAP.
Queen Anne’s County received an unmodified (clean) auditor’s opinion on the fiscal year ending June 30, 2024 comprehensive annual financial report, the county’s independent auditors reported at Tuesday’s meeting.
UHY partner Roy Geiser told commissioners the audit opinion was “clean,” indicating the financial statements are free of material misstatement. The audit team highlighted the county’s net position — a summary measure of net assets — rose materially over the past decade. The CAFR’s historical schedules show net position increased from about $164 million at the end of FY2015 to approximately $349 million at the end of FY2024.
Geiser reviewed key long‑term liabilities that appear in the notes and required supplementary information: a Maryland net pension liability of about $45 million (roughly 70% funded under the state pension actuarial reporting), an OPEB (other post‑employment benefits) liability at about 42% funded, and the volunteer fire length‑of‑service award program (LOSAP) liability of roughly $11 million (unfunded in a trust at the reporting date). The auditors reported no disagreements with management, no difficulties performing the audit and only minor recommendations for operational efficiencies.
Commissioners and finance staff noted the county’s continued receipt of the Government Finance Officers Association Certificate of Achievement in Financial Reporting (the auditors said the county had qualified again and that FY2024 results would be submitted). The audit team said preliminary planning for the FY25 audit would begin in the coming weeks.
