Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Public Finance topic
No spam. Unsubscribe anytime.
Auditor issues unmodified opinion on Greene County’s FY2024 financial statements; general fund balance rose
Summary
Robinson, Farmer & Cox issued an unmodified (clean) audit opinion for Greene County’s fiscal year 2024; auditors highlighted a general fund balance of about $31.3 million, an unassigned balance of about $18.8 million (≈31% of budget) and unmodified single-audit results for federal programs.
Robinson, Farmer & Cox presented the fiscal year 2024 audit to the Greene County Board of Supervisors on Jan. 14, reporting an unmodified (clean) opinion on the county’s financial statements and on the federal single-audit programs tested.
Lead auditor Matt McLaren told the board the general fund’s total fund balance at June 30, 2024, was approximately $31,300,000 and the unassigned portion — the least-restricted reserves — was roughly $18,800,000. McLaren said the unassigned fund balance represents about 31% of the county’s budgeted general fund expenditures, a level he said compares favorably with typical bond-rating guidance of 15%–25%.
McLaren summarized other highlights: the county’s general fund reported an increase of roughly $6,900,000 for the year on the budgetary basis; water and sewer combined net position was about $37,400,000 and water and sewer reported an increase in net position of about $2,470,000; the auditors found no material weaknesses in internal control testing and reported no difficulties in completing the audit. The auditor also said proposed audit adjustments were recorded in the issued financial report.
Board members asked detailed questions about different accounting bases, long-term liabilities, and how pension and other long-term liabilities appear on the statements. McLaren explained the difference between budgetary (modified) and full-accrual financial reporting and noted that transfers (for example, a roughly $3.2 million transfer of debt-service resources to water and sewer funds) affect how increases or decreases appear across statements. He also explained that the combined liabilities figure includes pension and other actuarial liabilities that aggregate with bonded debt in the full-accrual presentation.
The audit documents include three formal reports: the independent auditor’s opinion (clean), a report on internal control with no material weaknesses or significant deficiencies, and the single-audit report for federal program compliance (unmodified opinion on tested programs). McLaren told the board he would work with county finance staff to answer follow-up questions on particular line items.
The board did not take formal action on the audit other than receiving the audit presentation and asking follow-up questions; the audit report will be posted with the county’s financial documents.
