New audit committee leadership confirmed as finance and audit teams preview year-end results

At the Sept. 19, 2024 meeting the Knox County Audit Committee re-elected Matt Warren as chair and nominated Jim Morrison as vice chair; both accepted the roles and the committee approved by voice. The chair said Warren will take over next meeting and the incoming chair will coordinate future meeting scheduling.

Chris Cullow, speaking for the finance department, gave a preliminary year-end preview for the general fund, stressing the numbers were not final. He said the county expected revenue "about $2.35" (as stated in the presentation) and projected expenses around $2.31, leaving an anticipated budget surplus "of about 4,000,000." Cullow also reported an estimated total general fund balance near "about 114,400,000" and an unassigned fund balance around "91.4" (as stated in the presentation). He cautioned these figures are subject to change as the books are closed and auditors finalize trial balances.

Ron McPherson underscored the preliminary numbers and said overall results likely represent roughly a 3% surplus for FY24, with sales taxes up about 6–7% this year but slower than the 14–15% growth seen in prior years: "growth is still happening, but growth is slowing." He said reserves appear to be about 16% of the current budget (well over the state's 3% minimum and above the Government Finance Officers Association recommendation of about 10%), but noted that 16% equals roughly two months of payroll for the county.

The committee discussed meeting frequency and scheduling for future audit meetings; the incoming chair and staff will coordinate calendars. No formal votes were taken on scheduling at this meeting.