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County auditor reports clean FY24 audit; fund balances and new accounting standards highlighted
Summary
Auditors delivered Buckingham County’s FY24 financial statement and federal award audit, issuing unmodified opinions and flagging several management letter items and upcoming accounting standards affecting compensated absences and reporting disclosures.
Auditors presented a high‑level summary of Buckingham County’s FY24 audit to the Board of Supervisors, reporting unmodified audit opinions and a small number of management letter recommendations.
The auditor (name not specified in the public meeting record) told the board that the financial statements and single‑audit report received unmodified opinions after audit adjustments were made, and that no items rose to the level of material weaknesses. "We expressed unmodified opinions on the financial statements, the yellow book opinion, and that federal award opinion," the presenter said.
Key figures and findings: The auditor reported the county’s general fund unassigned fund balance at about $5.3 million — approximately 23% of general fund expenditures — which the auditor noted would cover almost three months of expenditures. The American Rescue Plan Act (ARPA) fund had roughly $2.5 million unspent at the end of FY24 (the auditor noted that FY25 figures would differ). The Emergency Medical Services (EMS) fund showed a fund‑balance decrease (about $78,000), offset in part by a $1.2 million transfer from the general fund to support EMS operations. The water and sewer funds decreased by about $200,000 and $322,000, respectively. On the school side, the cafeteria fund decreased approximately $240,000 and school activity funds changed by about $23,000.
Management letter and compliance items: Auditors said there were fewer audit adjustments this year but recommended improvements in areas including accrual and audit entries, state and federal revenue reconciliations, filing of economic interest statements for certain boards and authorities, and internal‑control items such as payroll and vendor file change logs.
Upcoming reporting changes: The auditor highlighted a new accounting standard related to compensated absences that will affect how the county recognizes leave that employees earn and may use during service periods, not just payouts after termination. Auditors said training on the standard has occurred and staff who attended are aware of the implications. The presentation also noted forthcoming changes to the financial reporting model that will alter certain fund reporting for enterprise funds such as water and sewer in future years.
Questions and next steps: The board had no substantive questions at the close of the presentation. The auditor left management letter details and adjusted schedules with county management for use in FY25.
