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Richland County board receives clean 2024 audit; general fund grows to $11.98 million
Summary
An external auditor presented Richland County’s 2024 financial statements and an unmodified (clean) opinion. The general fund balance rose to $11.975 million; total government revenues were $26.87 million and expenses $26.10 million. Pine Valley Community Village and the highway fund recorded operating losses.
An external auditor told the Richland County Board of Supervisors on the November agenda that the county’s 2024 financial statements received an unmodified (clean) opinion.
Bill, the auditor presenting the report, said the county’s governmental funds total fund balance increased by $127,903 and the general fund balance rose by $2,112,000 to $11,975,000 as of Dec. 31, 2024. "We believe the financial statements are free from material misstatement," he said.
The auditor reported total government revenues of $26,869,000 and total expenses of $26,104,000 for 2024. Major revenue sources were intergovernmental grants (about 40% of government revenues, approximately $10.6 million) and property tax levies (about 35%, $9.405 million). The general fund’s favorable variance versus budget was roughly $1.9 million, driven primarily by intergovernmental grants.
Pine Valley Community Village, reported as an enterprise fund, posted operating revenues of $9,900,000 and an operating loss of about $1,193,000 for the year; that loss was partially offset by a property tax levy of $665,000. The county’s highway enterprise recorded an operating loss of approximately $3,500,000, and the auditor said government activities long-term debt declined to about $11,210,000 after scheduled principal payments.
The presentation noted implementation of a new Governmental Accounting Standards Board standard that increased the calculated liability for vested compensated absences (unused sick and vacation time), moving that balance from about $580,000 to roughly $1,200,000.
Board members asked several procedural and line-item questions, including where wheel tax receipts are recorded; the auditor said they are likely recorded in highway charges for services and estimated the wheel-tax total at just under $300,000 for the year. The auditor also said more detailed, separate statements (for Pine Valley and regulatory reporting) are available for board review.
The board took no formal action beyond accepting the presentation and thanking the auditor. The county administrator and finance staff were asked to ensure the detailed audit communications document accompanies the financial statements for board review.
