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Colleton County audit earns clean opinion as council eyes steps to rebuild shrinking fund balance
Summary
Independent auditors gave Colleton County an unmodified (clean) opinion on its FY25 financial statements and single audit, but council heard that the general fund balance fell by about $4 million to an unassigned balance near $2.9 million, prompting plans for follow-up budget and finance sessions.
Independent auditors told the Colleton County Council on Jan. 5 that the county’s FY25 financial statements are fairly presented in all material respects, but that the county’s general fund balance has declined and will require attention by the council and staff.
David Erwin, the partner who presented the audit for the county’s external auditors, said the firm is issuing "a clean or unmodified opinion" on both the financial statements and the required single-audit, which applies because federal expenditures for the year exceeded the single-audit threshold. He also said the Yellow Book compliance review found no reportable findings or material weaknesses in internal control.
The auditors’ presentation included key figures: total countywide revenue of about $80.5 million; general fund…
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