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Finance director presents draft FY2025 statements showing a $560,000 general‑fund loss; auditors expected to issue reports late Feb.
Summary
Alpine County's draft financial statements for the year ended June 30, 2025, show a $560,000 general‑fund net change driven largely by reimbursable disaster-related expenses; auditors plan to issue final statements the week of Feb. 23 and present to the Board March 3.
Alpine County Finance Director Klaus Leidenbauer reviewed the county's draft annual financial report for the fiscal year ended June 30, 2025, at the Feb. 10 Audit and Finance Committee meeting and said the document is in the auditors' hands and expected to be issued the week of Feb. 23.
Leidenbauer highlighted that the general fund shows a net change in fund balance of a "loss of $560,000," down from a prior‑year loss of roughly $650,000 and better than a budgeted loss of about $1.1 million. He attributed roughly $500,000 of the current-year expenditures to reimbursable capital work tied to the Tamarack Fire, such as courts and playground rebuilds, which had not been booked as receivables at year end.
The director also warned of rising receivables and delinquency: property‑tax receivables climbed to about $1.3 million at 6/30/2025 and the delinquency rate rose to over 8% (from about 4% three years earlier), a particular concern for a very small county where one or two large unpaid accounts can materially affect cash flow.
Klaus explained that apparent budget-to-actual variances on the budget schedule largely reflect fund accounting eliminations (interfund transfers and internal charges that the financial statements remove) rather than operational shortfalls. He advised readers to review departmental expenditures rather than consolidated elimination-affected totals.
On full-accrual accounting, the county shows a negative unrestricted net position largely driven by a roughly $15 million net pension liability required under GASB rules; excluding that liability, the county's net position would be near break‑even, he said.
The auditors (Price Page & Company CPAs) have been conducting final reviews; staff expects the auditors to present final statements to the Board of Supervisors on March 3, with midyear adjustments scheduled before the board on Feb. 18.
Next steps: staff will reconcile outstanding typos and auditor edits, finalize receivable assessments, and return financial statements and an explanation to the Board of Supervisors on the planned March presentation.
