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Brunswick County receives unmodified FY25 audit; submission to state commission delayed by pending federal guidance
Summary
County finance staff received an unmodified (clean) audit opinion for fiscal year 2025, but auditors said they cannot submit the report to the Local Government Commission until a final Office of Management and Budget supplement is issued, delaying formal state review.
Alan Thompson of the accounting firm Thompson Prescott Adams told the Brunswick County Board of Commissioners that his firm issued an unmodified opinion on the county’s FY25 financial statements and that there were "no uncorrected misstatements" or disagreements with management.
Thompson said the audit included a "significant restatement" relating to a new accounting standard that requires accruing sick-leave liabilities; that restatement reduced the county’s net position by about $3.5 million. He described the restatement as an accounting-presentation change rather than an operational finding and said there were only technical compliance findings in other areas.
He also said the audit cannot be submitted to the North Carolina Local Government Commission while the federal Office of Management and Budget (OMB) is finalizing a supplement that affects federal-aid audit reporting. "Without that final version... the state government has said don't submit any audits," Thompson said, adding the firm will submit the audit to LGC once the OMB guidance is finalized and the firm completes any limited follow-up testing if necessary.
Thompson gave an overview of key fund-balance and cash figures and repeated that the county received an unmodified ("clean") report. The transcript shows no formal board vote on the audit presentation; the auditor invited commissioners to contact him with questions.
