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Baker Tilly to issue a clean FY25 opinion; Scott County fund balance remains strong
Summary
Baker Tilly told Scott County supervisors it expects to issue an unmodified (clean) opinion on fiscal year 2025 financial statements, found no material weaknesses, and highlighted a $20.6 million year-end general fund balance with roughly $15 million unassigned (about 22'23% of operating expenditures).
Baker Tilly's principal on the engagement told Scott County supervisors on Dec. 16 that the firm planned to issue an unmodified opinion on the county's fiscal-year-2025 financial statements, pending one attorney response and the county's management representation letter.
"We do plan to issue an unmodified opinion, also known as a clean bill of health," Paul France of Baker Tilly said, describing the opinion's implication that the financial statements include required disclosures, follow accounting principles consistently and are free of material misstatement.
France highlighted several financial metrics: an ending general-fund balance of about $20.6 million, approximately $15 million in unassigned fund balance (the county's primary reserve), and an assigned fund balance just under $4.3 million that includes roughly $505,861 set aside for future claims liabilities. The presenters said the unassigned balance equates to about 22'23% of operating expenditures, exceeding the county policy minimum of 15%.
Baker Tilly reported no material weaknesses or significant deficiencies in internal control and noted that audit testing of federal grant programs (the federal single-audit) identified no compliance issues for the grants selected for testing. The firm said the county's federal grant expenditures for the year exceeded the single-audit threshold and that the county will continue to undergo a single audit in future years as the threshold changes.
The auditors called out adoption of recent GASB guidance related to compensated absences and said accounting estimates examined during the audit were appropriate, neutral and unbiased. France told supervisors that the audit team received timely cooperation from county staff and had no difficulties performing the work.
Next steps outlined in the presentation were finalizing the representation letter and posting the finalized statements and audit communications online; the county also will file required documents with federal authorities and bondholders.
