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Collin County Commissioners receive clean audit; county reports roughly $76.9 million surplus
Summary
External auditors issued an unmodified opinion on Collin County's FY2024 financial statements and single-audit; commissioners approved the annual comprehensive financial report and single-audit without objection.
The Collin County Commissioners Court heard its FY2024 annual comprehensive financial report and the required single-audit and approved both reports unanimously.
Auditor Robert Cohen introduced Chris Pruitt, the external audit partner from PB&H, who said the auditors issued an unmodified ("clean") opinion on the county's financial statements. "In our opinion, the financials are free [of] material misstatement, and that they can be relied upon," Pruitt told the court.
The auditors highlighted several measures of the county's fiscal position. Pruitt said the county's unassigned general fund balance rose by $236,000,000 and that, "for the year you're $76,900,000 in black." He also said revenues exceeded budget by $24,100,000. Pruitt described the county's unassigned general fund balance as representing about 89% in relation to annual expenditures.
The single-audit portion examined federal and major state grants because the county received more than $750,000 in combined state and federal funding. Pruitt said auditors tested the Coronavirus State and Local Fiscal Recovery Funds and the state Fund for Veterans Assistance and found no reportable findings for those programs; the reports for grant compliance and internal controls likewise received unmodified opinions.
Commissioners voted to approve the annual comprehensive financial report and the single-audit after the presentation. The motion passed by unanimous voice vote.
Background: Pruitt drew attention to the report's award materials and told the court the county had filed to receive a Government Finance Officers Association award for excellence in financial reporting and expected to receive the award again. He also noted the statistical section contains multi-year trend information useful for comparison.
Ending: The auditors offered to answer further questions about the documents or the audit process; none were raised beyond the presentation, and the court moved on to the next agenda item.
