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County auditor reports FY2024 net position rose to about $93.2 million; single audit unmodified
Summary
LarsonAllen auditor Annie Cook told the Vermilion County Board auditors issued unmodified opinions on the financial statements and single audit, reported a net position increase to about $93.2 million, flagged an adjustment to financial statement preparation and noted ARPA spending and pension liability swings.
Annie Cook of LarsonAllen presented the county’s fiscal‑year 2024 audit and governance letter, telling the Vermilion County Board that auditors issued unmodified opinions on both the financial statements and the single audit of federal programs. Cook said the county’s total net position across funds was about $93.2 million at year‑end, an increase of roughly $7.3 million from the prior year.
Cook said total federal award expenditures were about $6.6 million and that roughly $5.5 million of that was related to American Rescue Plan Act (ARPA) funds. She described one open financial‑statement item related to preparation and required adjusting entries, changes in how a fund was classified as a major fund this year, and prior‑period capitalization and asset removal issues for some capital assets.
The auditor also summarized pension and other long‑term liability movements: a pension liability increase of about $4.2 million and a swing that produced a small net pension asset this year versus a net pension liability in 2023. Cook described industry issues that could affect local governments going forward, including staffing shortages, cybersecurity costs and legislative uncertainty at higher levels of government.
Cook offered county staff contact information for follow‑up and encouraged departments to reach out with questions. Board members asked clarifying questions and thanked auditors for earlier delivery of the financial statements.
Next steps: staff will follow up on the open financial‑statement preparation item and continue the budget hearing schedule; the audit and governance letter will be filed with required federal clearinghouses.
