Auditor gives county a clean FY2025 opinion; GASB 101 restatement noted

Robinson Farmer Cox auditor Josh Roller told the Rappahannock County Board on Dec. 1 that the firm planned to issue an unmodified opinion on the county’s fiscal year 2025 financial statements and that the draft report contained no material weaknesses or significant deficiencies.

"This is still in draft form," Roller said, but he emphasized that RFC had found no difficulties in performing the audit and no disagreements with management. He told the board a new GASB accounting standard, GASB 101 related to compensated absences, required a restatement of beginning balances on the government-wide, full-accrual statements, but "this doesn't affect any fund balance in any fund." RFC reported no material adjustments necessary to produce materially correct financials.

Roller drew attention to the governmental funds statements and related exhibits, noting Exhibit 3 (governmental funds balance sheet) and Exhibit 5 (statement of revenues, expenditures and changes in fund balance). He reported a $28,000 increase in the general fund fund balance for the year and a total governmental funds increase of about $119,000. He also noted total revenues exceeded the final budget by roughly $218,000 while cited expenditures for the year were approximately $22,812,000 on the referenced schedule.

The auditor said most remaining edits to the draft report were housekeeping items (names, titles and formatting) and expected to finalize the report in advance of the APA transmittal due Dec. 15. Board members asked clarifying questions about exhibit presentation, customization options for showing fire and rescue-related spending, and the treatment of school cash and fund balances. RFC advised that while exhibit summaries are standardized for state reporting, more granular breakdowns can be provided on detailed pages.

Supervisors thanked RFC and county staff for a clean audit and the meeting adjourned.