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Auditor presents FY2025 draft comprehensive financial report; county reports strong fund balances
Summary
Robinson, Farmer & Cox presented Louisa County’s FY2025 draft Annual Comprehensive Financial Report, expecting an unmodified opinion. Combined governmental fund balances were reported at roughly $226.5 million, with the general fund a little over $100 million and an increase of about $94.5 million attributed to property‑tax collections and one‑time proceeds.
The county’s external auditors from Robinson, Farmer & Cox presented the FY2025 draft Annual Comprehensive Financial Report (ACFR) at the Dec. 1 meeting and said they expect to issue an unmodified opinion once the federal uniform guidance supplement and accounting adjustments are incorporated.
The auditors and staff highlighted several financial items: combined governmental fund balances of approximately $226.5 million, a general fund balance of slightly more than $100 million, and an unassigned fund balance of a little over $66 million. The auditors attributed an increase in combined fund balances (about $94.5 million for fiscal year 2025) to increased property‑tax collections, proceeds from debt issued for a middle‑school addition and a new CTE center, sale proceeds of Shannon Hill Business Park contributed back to the county, stronger permit fees and investment earnings, and departmental budget savings.
The auditors reported no significant deficiencies or material weaknesses in internal control in the draft report and noted four federal programs were single‑audited for FY25, including HUD economic development initiative grants and ARPA (coronavirus state and local fiscal recovery funds). The audit presentation was billed as a draft pending the final federal uniform guidance supplement and standing up any small corrected or uncorrected adjustments with county finance.
Supervisors thanked the county finance team for the work preparing the draft, and the board acknowledged the draft status and the anticipated final packet later in the month.
