Colfax County finance updates commissioners on FY24 audit, FY25 auditor requests and grant reimbursements
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Summary
Colfax County finance staff told commissioners that the FY24 audit is nearing completion, the FY25 auditor has issued a large request list and the county has several active grants including a $2.7 million transportation advance and $2.23 million in NMDLT funds.
Justin, county finance staff, briefed the commission on audits, cash balances, and grant activity.
On the FY24 audit, Justin said auditors are finalizing financial statements and the county is not pending substantive items. "They are still working on drafting the financial statements," he said. For the FY25 audit, the new auditor issued an approximately 100‑item request list; Justin said the county had fulfilled roughly two‑thirds of the requests.
Justin reported that receipts have outpaced disbursements largely because $2.7 million was received in advance for transportation grants; without that advance, receipts would lag seasonally until property‑tax collections. He summarized investments at about $23.5 million, primarily a money‑market account and certificates of deposit, and cautioned that an investment report dated Sept. 30 showed a CD maturing Oct. 19 and staff would follow up whether it was reinvested.
On grants, Justin said grant reconciliations are being strengthened. He reported activity and reimbursements on legislative appropriations for roads, sheriff vehicles and the event center; the event center’s substantial completion is expected within a month and its DFA reimbursement is pending. For NMDLT grants, Justin said about $2.23 million was received in July and many projects are at early stages and face deadlines near the end of next year. Fire grants include near‑exhausted funding for a Farley fill station and a $426,000 RapidResponse apparatus purchase; Vermejo Park may require additional borrowing, with an estimated remainder over $500,000.
Justin said grant reimbursement work has been active in recent weeks and staff will follow up on outstanding DFA filings and any audit dependencies that could delay federal closeouts.
