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County auditor says FY2023 opinion unchanged; school-board data will trigger reissued report
Summary
RFCA auditor Michael Lupton told the Board that the FY2023 financial statement opinion remains "unmodified" but that more-complete school-board transfers received Aug. 12 require the firm to reissue the county—s FY2023 report in the coming weeks, which will change reported school fund balances and some county figures.
Michael Lupton of audit firm RFCA told the Warren County Board on Aug. 13 that the county's fiscal year 2023 financial statements continue to carry an unmodified opinion, but new information supplied by school-board personnel means RFCA must reissue the FY2023 financial report.
"The opinion stays an unmodified opinion, with the disclaimer related to the EDA elements," Lupton said, and added that additional data provided Aug. 12 about school-board capital-expenditure transfers changed the accounting picture for the school board funds. He told supervisors the reissued report should be available in a couple of weeks and said the firm—s assessment of the financial statements will remain the same once the revisions are incorporated.
Board members asked whether the impending reissue affected recent credit activity. A supervisor noted Warren County's AA+ rating reaffirmation from Fitch and said the revised numbers show higher unrestricted fund balances than previously reported. Lupton and staff recommended waiting for the revised report before raising additional technical questions.
The auditor said the revisions will alter how some school-board revenues and carryover fund balances are presented and advised supervisors to review the reissued documentation before making decisions that rely on the FY2023 figures. No formal action was taken during the work session; staff and the auditor said they will provide the revised report when it is complete.
