Richland County accepts 2024 audit showing modest fund‑balance gains and enterprise losses

The Richland County Board heard its 2024 audited financial statements and accepted an audit report that included an unmodified opinion, the presenter said, indicating the statements are free from material misstatement.

Bill, the auditor who presented the report, told the board that total governmental‑funds balance increased by $127,903 in 2024 and the general fund rose by $2,112,000 to $11,975,000 as of Dec. 31, 2024 — roughly six months of operating expenditures. Total county revenues were $26,869,000 in 2024 compared with $22,690,000 the prior year, while total expenditures were $26,104,000 in 2024. Bill said about 40% of county governmental revenues came from federal and state grants (~$10.6 million) and 35% from the property‑tax levy (~$9.4 million).

The presenter highlighted several enterprise‑fund outcomes: Pine Valley Community Village recorded operating revenues of $9,900,000 and an operating loss of about $1,193,000 in 2024, partially offset by a property‑tax levy allocation of $665,000. The highway department also posted an operating loss (figures discussed during the presentation). Bill noted the county made scheduled principal and interest payments during the year and that outstanding government‑activity long‑term debt declined to about $11.21 million after payments, leaving the county with roughly 73% of statutory debt capacity remaining.

Board members asked for clarifying detail on specific items. One supervisor asked where wheel‑tax receipts are recorded; Bill said they are likely embedded in the highway charges‑for‑service line on the statements and estimated the amount was just under $300,000 (board speakers later approximated about $280,000). Bill agreed to provide audit backup documentation and separate financial statements for Pine Valley and other funds on request.

The auditor also described the impact of a new GASB standard that increased the recorded liability for vested compensated absences (sick and vacation) from roughly $580,000 to about $1.2 million. Bill said the change reflects a broader recognition rule for employee leave liabilities.

The board took no formal action beyond accepting the presentation and asking staff to make supporting schedules available to supervisors.

Board next steps: supervisors requested the audit communications document and separate fund statements be made available to board members for review.