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Harrison County reviews September finances, flags $900,000 outstanding grant and records strong investment returns
Summary
County auditors presented unaudited September 2024 financials showing a $24.55 million fund balance but a County Grant Fund shortfall tied to an outstanding confinement grant (~$900,000). The treasurer reported record investment interest for FY2024; the court approved routine transfers, bills and the audit engagement.
Judge Sims called the meeting to order and the county auditor presented unaudited September 2024 financial statements showing a fund balance of $24,552,741 while warning that the County Grant Fund currently carries a negative balance tied to an unpaid confinement grant of roughly $900,000.
"There is about $908,000 to $900,000 that is still outstanding," the auditor reported, noting the Department of Health and Human Services was still determining the payment source and that the timing of receipt will determine whether the amount posts to FY2024 or shifts into FY2025.
The treasurer presented monthly and investment reports for September showing a beginning cash balance of $6,473,718.42, receipts of $6,504,677.53, disbursements of $7,050,660.57 and an ending cash balance of $5,927,735.38; total cash plus investments was $29,145,199.45. The county's invested portfolio totaled about $23.22 million and the treasurer said the county earned roughly $1.747 million in investment interest for fiscal year 2024.
"This year, we exceeded that," the treasurer said, thanking investment committee members and staff.
Commissioners discussed the practical effect of invoices that are not paid before year-end. The auditor advised purchasing and department leaders are working to post outstanding invoices at the next commissioners court to avoid pushing expenses into FY2025; if invoices are not posted, the county may need to amend next year’s budget.
On routine business the court approved a FY2024 line-item transfer of $36,880.33 and a FY2025 transfer of $2,388.15, authorized payment of regular bills totaling $1,213,498.50, and approved payroll for Oct. 25, 2024. The court also approved an engagement letter with Patillo Brown & Hill LLP to perform the annual audit (including anticipated single audits tied to federal and state grant funding).
