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Auditors present Caroline County’s fiscal 2024 figures; county shows $17 million net position increase
Summary
External auditors told Caroline County commissioners the county’s net position rose by about $17 million in fiscal 2024 and that the audit opinion was unmodified. Auditors highlighted fund restrictions, pension and OPEB funding levels, and new audit planning requirements.
External auditors presented Caroline County’s fiscal year 2024 audit at the Jan. 21 commissioners meeting and said the audit opinion on the financial statements was unmodified.
The audit team from UHY highlighted an increase in the county’s net position from about $68.1 million at the start of the year to roughly $85.2 million at year‑end, an increase auditors characterized as substantial. Auditors noted several key items: growth in restricted funds, the creation of a cannabis‑related restricted fund, general fund balance equal to about seven months of operating expenses (the Government Finance Officers Association recommends a minimum of two months), and operating income in the county’s proprietary funds that covered depreciation expense.
Why it matters: The auditor’s clean opinion indicates the…
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