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Audit shows modest financial improvement; commissioners debate $3,000'$5,000 OPEB actuarial valuation
Summary
The county's FY 2023'24 audit showed a roughly $229,000 increase in net position, capital assets up about $1.8 million and long-term debt down about $1 million; commissioners discussed hiring an actuary for an OPEB valuation estimated at $3,000'$5,000 to clear a repeated qualified finding.
A summary of Baker County's FY 2023'24 audit presented to the board reported modest improvements in the county's financial position but noted a recurring qualified opinion related to other postemployment benefits (OPEB).
"The fiscal year 23 24 audit reflects improvements in the county's financial position compared to prior years," a commissioner reported at the meeting. "The county's total net position increased by approximately 229,000. Capital assets increased by roughly 1,800,000. The long term debt decreased by about 1,000,000." Major funds received clean opinions and auditors reported no findings related to fraud, misuse of funds, or material noncompliance.
However, the audit included a repeated qualified opinion on governmental activities tied to OPEB because the county has not completed an actuarial valuation or recorded the associated long-term liability. Staff said they have reached out to an actuary and the auditor estimated the valuation would cost around $3,000 to $5,000, with subsequent annual updates roughly half that cost.
Some commissioners expressed skepticism about the value of the exercise if the valuation is merely an estimate. "It's a best educated guess," one commissioner said, cautioning about paying for information they believed to be imprecise; others urged obtaining a formal proposal so the board can make an informed decision.
James Moore will present the formal audit at the commission's Feb. 3 meeting, and staff indicated they will circulate any actuarial proposals before the board makes a decision on whether to proceed.
