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Edgefield County audit shows clean opinion and roughly 5½ months of reserves
Summary
County auditors reported an unmodified (clean) opinion for the fiscal year ending June 30, 2025, and highlighted roughly $10.2 million in general‑fund reserves (about 5.5 months of operating funds). Council accepted the report as information unanimously.
Grant Davis, the lead auditor for the county’s annual financial audit, told the Edgefield County Council on Jan. 26 that auditors issued an unmodified opinion on the county’s financial statements for the fiscal year ended June 30, 2025. "Unmodified is really not glamorous language, but it's really the only acceptable result in financial statement audit," Davis said during his presentation.
Davis summarized key figures from the annual comprehensive financial report: about $79 million in total assets, roughly $21 million in cash and cash equivalents, and a net position of $41.3 million — an increase of about $2 million from the prior year. He said the general fund ended the year with an approximate $10.2 million fund balance, which he characterized as "about 5 and a half months" of operating reserves.
The auditor also reported that the county underwent its first federal single-audit this year after exceeding the federal threshold for expended federal awards. "This is the first time, to my knowledge, Edgefield County has had to undergo what's called a federal single audit," Davis said, and noted the county received an unmodified opinion on compliance with federal awards and had no findings related to federal awards or internal‑control deficiencies tied to those awards.
Council members asked clarifying questions about what 5.5 months of reserves means in practice; Davis said the level represents a healthy posture given seasonal property tax receipts and the county’s recent hurricane-related costs, which the county expects to be reimbursed by FEMA in time. After the Q&A, council voted unanimously to accept the audit results as information.
What happens next: The audit and the auditor’s recommendations are included in the auditor’s discussion and analysis document; Davis noted several accounting recommendations related to the reporting of certain payables and receivables, which staff will address in subsequent accounting cycles.
Sources: Presentation and Q&A with Grant Davis during the Jan. 26 Edgefield County Council meeting.
