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McCormick County auditor issues clean opinion; council accepts FY2024 audit
Summary
Manly Garvin issued an unmodified (clean) audit opinion for McCormick County’s financial statements for year ending June 30, 2024; council voted to accept the audit. Auditor highlighted fund balance strength, water/sewer position and noted no internal control or single-audit findings.
An external auditor told McCormick County Council on Dec. 11 that the county’s financial statements for the year ended June 30, 2024, received an unmodified — or "clean" — opinion.
David McAllister, senior manager at audit firm Manly Garvin, told the council the audit covered governmental and business-type activities and that the county’s total net position was about $42.4 million at year-end. "We're issuing an unmodified or clean opinion on the financial statements that you see before you," McAllister said.
The audit showed a roughly $789,000 increase in the general fund for the year and a strong multi‑year fund balance equal to about 6.7 months of operating expenditures — well above the Government Finance Officers Association recommendation of two months. McAllister said the water and sewer enterprise had about $11 million in net position and that much of that was net investment in capital assets. He noted a noncash depreciation component and explained that without depreciation the water and sewer fund would have shown a positive operating variance for the year.
McAllister also summarized long‑term debt and pension disclosures, saying an actuarial estimate shows a statewide underfunding of the state retirement systems; McCormick County’s share of that statewide figure was presented in the audit as about $11 million. He told council there were no findings in the audit’s internal‑control letter and no findings in the single audit covering federal expenditures (the county exceeded the $750,000 single‑audit threshold and reported nearly $1.2 million of federal dollars in fiscal 2024).
Council voted to accept the FY2024 county audit as presented. The vote was moved and seconded and carried; the record did not include a roll‑call tally in the transcript.
The auditor said the audit report and a shorter board communication (SAS 114 year‑end report) would be distributed digitally to the county clerk and posted online once finalized. Council members asked follow‑up questions about fund classifications and where various nonmajor funds are reported in the audit. McAllister pointed the council to the fund statements and notes in the report for detailed schedules.
Councilors did not request changes to the opinion; McAllister thanked staff and county administration for cooperation during the audit and noted improvements that enabled timely completion.
