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Chatham County receives unmodified audit for 2024; net position up about $180 million
Summary
The county's audited financial statements for the fiscal year ended June 30, 2024, earned a clean (unmodified) opinion from external auditors; staff highlighted increased net position largely tied to sales tax collections and noted continued high standing for financial reporting awards.
Chatham County’s audited financial statements for the fiscal year ended June 30, 2024, received an unmodified ("clean") opinion from the county’s external auditors, who highlighted no disagreements with management and no audit issues.
Finance staff told the board the county’s net position increased by about $180 million compared with the prior year, primarily reflecting sales tax collections that were not yet spent. On a countywide basis, staff reported a total net position of roughly $1.4 billion at year-end. On a fund basis, the general fund reported revenues of about $284 million and ended the year with a fund balance of approximately $90.3 million; finance staff said roughly three-quarters of that balance is designated to meet the county’s three-month reserve policy. The special service district reported revenues near $52.9 million and related expenditures in the mid‑$50 millions, with fund balance and reserve measurements noted in the audit.
Trey Scott, a partner with the audit firm Malone & Jenkins (the lead audit partner on the engagement), told the commission the clean opinion is the highest level of assurance and that the firm found no disagreements with management during the audit process. Scott also noted the county has received the Certificate of Achievement for Excellence in Financial Reporting for decades and that the county anticipated continuing recognition for the 2024 report.
Why it matters: A clean audited financial statement underpins the county’s budgeting and borrowing capacity and helps maintain investor and public confidence. Commissioners were urged to review the multi-section report — including management’s discussion, the fund statements, notes and statistical sections — before the upcoming budget process.
Staff said each commissioner had a copy of the annual comprehensive financial report and a single-audit supplement; the lead auditor and finance staff invited commissioners to follow up with questions. The finance director thanked her staff by name for producing the report and said the department would provide any additional clarifications requested by commissioners.
