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Grayson County receives clean FY2025 audit; single finding on accruals
Summary
Auditors issued an unmodified opinion on Grayson County's FY2025 financial statements and reported one nonmaterial finding related to proposed adjusting entries; ARPA federal testing produced no findings, auditors said.
Robinson Farmer Cox Associates presented the county's FY2025 audit to the Board of Supervisors on Feb. 15 and reported an unmodified (clean) independent audit opinion and one finding related to proposed adjusting entries and accruals.
"The county has received an unmodified opinion," Scott Whitmer, CPA, told supervisors, noting that the opinion is the strongest auditors can issue for financial statements. Whitmer summarized the report's components, including the management discussion and analysis, several exhibits on net position and modified accrual schedules, and a 160-page full report available to supervisors.
Whitmer said auditors issued three separate reports: the independent audit report, a report on internal control with one finding (material adjusting entries not yet posted), and a uniform guidance report assessing federal assistance testing. He said federal testing this year focused largely on ARPA funds and produced no findings.
The single finding was described as routine in local government audits: proposed adjusting entries related to accruals (recording receivables/payables and similar items) that need to be posted. Whitmer characterized the item as common and not indicative of material misstatement, and he also issued a management recommendation letter with best-practice suggestions.
The audit presentation included summary financial trends: roughly 8% growth in net position over five years, just under $9 million in unrestricted resources at year-end, property taxes representing about 44% of general fund revenue and intergovernmental (state/federal) revenues about 35% (with ARPA inflating recent years). Whitmer cautioned the board to watch expenditure growth—especially capital projects—that has outpaced revenue growth in recent years.
Board members asked clarifying questions about new GASB standards (notably GASB 101 and GASB 103 reporting changes) and how they will affect disclosure and reporting in FY26; Whitmer said changes primarily affect exhibits and variance reporting and recommended staff prepare for additional disclosure requirements.
No formal board action was taken; auditors said they would provide the full report and management letter for staff review.
