Osceola County auditors issue unmodified opinion on FY2024 financial statements

Leslie Felix, Osceola County financial services director, and external auditors presented the annual comprehensive financial report and the county's audit for the fiscal year ended Sept. 30, 2024, to the Board of County Commissioners on March 3.

Felix summarized key figures from the report, saying the county's total assets and deferred outflows countywide were $3,700,000,000, of which $2,000,000,000 were capital assets net of depreciation. She said total liabilities were "just under $1,300,000,000" and cited $5,643,000,000 in bonds payable as a component discussed in the report. Felix told the board that governmental unrestricted net position remained negative primarily because of the Florida Retirement System pension liability but said the county maintained appropriate reserves and a high-quality bond rating.

Dan O'Keefe, audit partner with Fortis Mazars (formerly MSL), delivered the audit opinion. He told commissioners the firm issued unmodified opinions on the financial statements and unmodified compliance reports required by government auditing standards and the auditor general. "To go through an entity like this to produce a document like this and come out with unmodified reports is significant, and it's something to be proud of," O'Keefe said.

Nut graf: The audit presentation shows the county's financial statements were prepared and audited without modification, indicating that the county's financial reporting and internal controls met the auditors' standards for FY2024. Commissioners were briefed on the report's high-level takeaways and given a copy of the full report included in the published agenda.

The report highlighted that revenues in the general fund came in higher than the final budget while expenditures were under budget overall by 16 percent. Felix said the county's net position countywide was $2,400,000,000 but that much of that figure was invested in capital assets and therefore not available for operating uses. She also said business-type activities showed a negative net position driven by outstanding debt related to a 2020 bond issuance for transportation projects.

O'Keefe noted the county's audit was completed quickly, thanking county staff and the constitutional officers for cooperation. He described the audit package as containing useful management discussion and a statistical section tracing the county's financial progression over the previous 10 years.

Commissioners thanked the finance team. No formal board action was recorded on the audit presentation during the meeting; staff said they would be available to answer follow-up questions.

Ending: The full annual comprehensive financial report and supporting documents will be posted to the county's budget and financial portal in the coming days, and staff members told commissioners they stand ready to address questions raised by the audit findings and the management discussion and analysis.