Colleton County receives clean audit, single‑audit and no internal‑control findings

Independent auditors told the Colleton County Council on Jan. 7 that they have issued an unmodified ("clean") opinion on the county's fiscal year 2024 financial statements and a clean single‑audit report for federal awards.

David Erwin, CPA of Holden and GED LLC, presented the annual comprehensive financial report and highlighted required communications under auditing standards. Erwin said the county's government‑wide statements showed roughly $150 million in assets and deferred outflows, including about $68 million in capital assets and $64.7 million in cash and cash equivalents.

Erwin said total liabilities and deferred inflows were about $108 million, of which roughly $87 million were long‑term in nature. The county's net position decreased by about $3.2 million in the year to an ending balance of about $41.2 million.

At the fund level, Erwin said the county's general fund reported about $39.5 million in revenues and roughly $47.3 million in expenditures, a year‑over‑year expenditures increase of about 22 percent. After transfers and other financing uses, the general fund balance decreased by just under $4 million to an ending balance of about $7 million, equivalent to roughly 1.5 months of operating expenditures; Erwin said the generally recommended range is three to five months.

Erwin also explained the single audit process, noting that a single audit is required when federal expenditures exceed $750,000. The county recorded approximately $2.6 million in federal expenditures in fiscal 2024; auditors reported a clean opinion on that compliance work. The separate report on internal control and compliance (often called the "yellow book" report) identified no material weaknesses or significant deficiencies.

Erwin praised county finance staff for their preparation and said the county again submitted an ACFR that earned a Government Finance Officers Association certificate of achievement; he said this was the 11th consecutive year for that recognition.

Council members thanked finance staff. Council members and the auditor discussed the management's discussion and analysis (MD&A) section as a useful narrative supplement to the financial statements, and Erwin urged elected officials and the public to review that section for year‑to‑year comparisons.

The presentation concluded with council members expressing appreciation for the finance team's work; the audit report will be included in the county's official records and made available to the council and the public after formal receipt.