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Horry County auditor issues clean opinion on FY2025; federal single-audit report pending
Summary
Independent auditor Grant Davis told the Horry County Administration Committee the county s FY2025 financial statements received an unmodified (clean) opinion and auditors found no material weaknesses; the federal single-audit compliance report is pending because the federal compliance supplement was released later than usual.
Grant Davis, the county's independent auditor, told the Horry County Administration Committee on Dec. 2 that the auditors issued an unmodified ("clean") 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 a financial statement," Davis said during his presentation.
Davis said the auditors conducted routine testing of accounting estimates (useful lives, pension discount rate, allowance for receivables) and reviewed footnote disclosures. He reported no material weaknesses or significant deficiencies in internal control and said the audit identified no instances of noncompliance that were material to the financial statements: "We noted no material weaknesses or significant deficiencies," he said.
Davis described an administrative complication this year: the federal government's annual compliance supplement, which guides single-audit work, was provided later than typical (the presenter said a draft arrived in August). Because the single-audit of federal awards relies on that supplement, the county's single-audit compliance report remains pending. Davis said the auditors performed single-audit procedures using the draft supplement and expect to finalize the federal report once the government's document is finalized.
As presented by auditors, the financial highlights included total government-wide revenues of about $875 million and total expenses of about $592 million, producing an increase in net position in the audited statements. Davis also reviewed the county's fund balances and said the general fund had a reported ending fund balance and committed reserves; he estimated that, based on FY25 spending patterns, the county could operate about 10 months on total fund balance and roughly 100 days on unassigned general-fund balance as of June 30, 2025. He emphasized these were high-level figures and encouraged review of the full audit document for details.
Davis commended county staff for cooperation in producing the statements and said the full audit report would be shared with committee members. The committee asked staff to distribute the audit documents to members for review.
