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Independent auditor issues clean opinion on New Castle County financials; single-audit work ongoing
Summary
CliftonLarsonAllen presented the county—s annual comprehensive financial report and issued an unmodified (clean) opinion at the Jan. 28 County Council meeting. The firm reported no material weaknesses or significant deficiencies; the federal single-audit remained in progress and was expected to be completed by late March.
An independent auditor told the New Castle County Council on Jan. 28 that the county's annual financial statements received an unmodified (clean) opinion and that the county showed no material weaknesses or significant deficiencies in internal control.
Remy Amasur, principal with CliftonLarsonAllen (CLA), presented highlights from the annual comprehensive financial report and the audit. “We issued an unmodified or clean opinion,” Amasur said, and added that the single-audit of federal awards remained under way and was expected to be completed in the coming weeks.
CLA's presentation called out several trends and items for council attention: the audit disclosed GASB 94 (public-private partnership) disclosures tied to county agreements for golf and tennis facilities; transfer-tax revenues were lower than the prior year (Amasur cited about a $12 million decrease linked to lower property-transfer activity); investment earnings were higher than the previous year (Amasur said investment performance contributed roughly $8 million more in earnings); and overall long-term liabilities and pension/OPEB estimates decreased compared with the prior year.
Amasur said the auditors had no findings that rose to the level of material weaknesses or significant deficiencies and that the audit work to date was “relatively straightforward.” He noted the federal single-audit (required for federally funded programs) was still being completed and must meet the federal deadline; CLA expected to finish that work by late March.
Councilman Carter asked whether the transfer-tax decline reflected structural demographic changes or simply lower activity; Amasur said it primarily reflected decreased transaction activity — fewer property sales — rather than a single structural cause.
The auditor also highlighted the county's general fund balances and reserves, saying the county maintained healthy fund-balance levels and complied with budget and stabilization reserve policies. Amasur thanked finance staff for cooperation in delivering the audit.
Next steps: CLA will finish the federal single-audit procedures and present any required federal findings to the council once that work is complete.
