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Auditors issue clean FY2024 opinion; board hears fund balance and FEMA reimbursement update
Summary
External auditors gave Rutherford County an unmodified opinion for fiscal 2024; commissioners discussed fund balance, reimbursement status for storm debris cleanup and how fund balance supported prompt cleanup work.
Auditors from the county’s engagement firm presented a clean audit for the fiscal year ending June 30, 2024, saying they issued an unmodified opinion on the financial statements and on federal and state grant compliance.
Travis Keever, the presenting auditor, said the audit covered the county’s governmental funds (total assets reported at about $151 million) and noted that single-audit testing covered seven major federal and state programs. “We issued an unmodified opinion on the county’s financial statements,” Keever said.
The nut graf: the clean opinion means the auditors found no material weaknesses in internal control and no reportable noncompliance for the year under audit, but county leaders stressed that fund balance is being used to finance urgent storm-recovery work and to protect the county’s credit rating.
Finance staff and commissioners reviewed available fund balance. The audit shows available general fund balance increased from about $45 million to about $54 million year‑over‑year. County staff explained that a portion of fund balance is already assigned or committed to ongoing projects and that the county has applied fund balance to frontload debris cleanup costs while FEMA reimbursement is processed. Paula (county finance staff) said the county has paid roughly $13 million in debris bills to date and expects that total to rise; the county recently received an expedited FEMA payment of about $7.6 million and is uploading additional invoices for reimbursement.
Commissioners discussed the policy trade-offs of using fund balance for one-time disaster costs versus preserving reserves for future debt capacity and cash-flow needs. County officials said maintaining a strong fund balance helped the county keep its credit rating during the storm response and positioned the county to start debris work without long waits for federal disbursements.
The board voted to accept the audit report during the meeting. No material findings were disclosed in the auditors’ presentation; commissioners thanked finance staff for the clean report.
Ending: Commissioners were briefed about continuing reimbursement work with FEMA and that more budget amendments may be required as debris volumes and costs are finalized.
