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External auditors give Waller County an unmodified FY2024 opinion; report shows strong fund balance and fully funded pension
Summary
External auditors told the Waller County Commissioners Court on Oct. 29 that the county earned an unmodified opinion on its FY2024 financial statements and that single-audit testing for the grants reviewed showed no findings or questioned costs.
Armstrong Vaughn & Associates presented the Waller County FY2024 financial audit at the Oct. 29, 2025 commissioners court and delivered an unmodified (clean) audit opinion on the county's financial statements. The auditors also reported no findings on the single audits performed for major grants included in the review.
Key takeaways: the auditors summarized that the county's general fund balance totaled about $55.9 million at year end, with a combined fund balance of about $84 million across all funds. Using the Government Finance Officers Association's benchmarking method, the county had roughly 10 months of expenditures in general-fund balance — a level the auditors described as a healthy position for handling contingencies and capital needs. Investment earnings and property tax revenues showed increases driven by appraisal growth in 2024. The auditors also noted that Waller County's retirement plan (TCVRS) appeared as a net pension asset in the valuation presented and that the plan was effectively fully funded in the most recent valuation.
Audit opinion and compliance: auditors gave an unmodified opinion, describing the financial statements as presented fairly in accordance with GAAP; they also reported that single-audit testing for the specific federal and state programs reviewed (including CDBG Harvey infrastructure and the other programs listed in the audit) showed no findings and no questioned costs, and that required reports were submitted on time.
Debt and reserves: auditors reviewed the county's debt profile (including recent debt for the mobility program) and concluded the county's debt ratios and liquidity indicators are sound. Commissioners and staff discussed the county's capital planning and the decision to retain a higher-than-minimum fund balance in order to pay down or avoid debt for near-term capital projects.
What commissioners said: officials praised county staff for cooperation and the work that produced few audit adjustments. Commissioners and staff noted the audit supports the county's conservative fiscal management approach and encouraged posting the report and summary material publicly.
What the audit did not change: auditors recommended reading the management discussion and analysis (MD&A) portion of the report for a concise, graphical summary of key figures and trends; final decisions about budget adjustments or capital draws will follow separate actions by the commissioners.
Evidence and next steps: the audit report, MD&A and governance letter are part of the audit packet; staff said the documents will be posted to the county's financial transparency page and the auditors offered to answer follow-up questions.
