Caldwell County auditors report healthy reserves, minimal pension liability in FY2023 audit

Debbie Frazier, an auditor with Armstrong Vaughn & Associates, presented Caldwell County’s FY2023 financial audit to the Commissioners Court on Dec. 23, 2024, concluding that “after adjustments, your financial statement is fairly stated and materially correct.”

Frazier told the court the county reported roughly $75.4 million in total assets, with about $37–38 million in cash and investments. She said total liabilities were about $25.6 million, including roughly $16 million tied to bond activity, leaving a total net position of about $51.2 million, of which roughly $30 million is unrestricted and available for use.

On a modified-accrual basis for governmental funds, Frazier reported total assets near $42.8 million and a general-fund unassigned fund balance of about $22.3 million, which she described as “almost a year in reserves.” She said revenue was stronger than 2022 — the county brought in $32 million in 2023 versus $28.8 million in 2022 — and noted investment earnings exceeded budget assumptions, helping the net change in fund balance.

Frazier also summarized actuarial and pension figures, noting the county’s net pension liability was about $173,950 and that the system was roughly 99.4% funded by the actuarial measure. She advised commissioners that some year-end items are sometimes corrected in the following year’s work papers, accounting for adjustments in the audit process.

After the presentation, the court moved and approved the FY2023 audit without recorded opposition. The auditor said she would remain available for follow-up questions and provided contact information in the audit opinion letter.

The court’s next procedural step was routine: the motion to accept the audit passed and no follow-up vote or additional reporting schedule was announced at the meeting.