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Hanover posts clean FY24 audit, reports $43.9 million operating balance
Summary
County finance staff presented the FY24 Comprehensive Annual Financial Report showing revenues of $368.8 million and an operating balance of $43.9 million; external auditors issued an unmodified opinion with no findings on internal control or federal awards.
Hanover County officials on Nov. 13 presented the county's FY24 annual comprehensive financial report and the results of an external audit that returned a clean, unmodified opinion.
Finance Division Director Lauren Noll told the Board of Supervisors that general fund revenues for fiscal year 2024 totaled $368.8 million, about 7% higher than appropriations, driven primarily by property taxes and investment income. Final expenditures and transfers were $351.0 million, or 94% of appropriations, producing an operating balance of $43.9 million that staff proposed to use for the FY25 county and school budgets and the five-year capital plan.
The report shows an unassigned fund balance of $49.8 million (13.5% of general fund revenues), consistent with the county fund-balance policy that requires a minimum of 10%.
External auditors from PBMairs, represented by partner Mike Garber, completed the audit the morning of the meeting and issued an unmodified (clean) opinion. Garber told the board "We were able to issue an unmodified opinion on your financial statements" and reported no findings related to internal control or federal award testing; a short management letter included routine GASB implementation comments.
Board members congratulated staff for producing the comprehensive report on a timely basis; the auditor noted Hanover was among the first localities to complete the audit for the year. The county will post the full report, including the schedule of federal awards, on its website.
