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County auditor issues clean FY2025 opinion; net position rises to $98.7 million
Summary
Auditor Roy Geiser told the Caroline County Board of Commissioners the FY2025 financial statements earned a clean opinion, with net position increasing to $98.7 million; he flagged new GASB guidance and noted several long‑term liabilities including pensions and OPEB.
Roy Geiser of UHY told the Caroline County Board of Commissioners that the county’s FY2025 financial statements received a clean audit opinion and were "free of any material misstatements." Geiser said the county’s combined net position rose to $98,700,000, up roughly $13.5 million from the previous year, and described that upward trend as evidence of the county’s overall financial health.
Geiser walked commissioners through key schedules and disclosures, noting net investment in capital assets of $56.9 million, restricted funds of about $6.0 million and unrestricted funds of $35.8 million. He also reviewed the county’s long‑term obligations, reporting bonds payable of about $33.5 million, compensated absences of roughly $1.7 million, an accrued landfill liability near $3.0 million and other obligations that together produced total long‑term debt of about $40.7 million (a net decrease from the prior year).
On pensions and post‑employment benefits, Geiser said the county pension liability was about $5.9 million (approximately 85 percent funded) and a Maryland pension component of about $10.3 million (72 percent funded). He noted an OPEB position that was overfunded—about $2.8 million and 146 percent funded—an atypical but favorable result that "is really not costing the taxpayers any money today." Geiser flagged GASB 101 and 102 as new accounting standards incorporated this year and pointed to upcoming GASB items (including GASB 103 and GASB 104) that county staff and auditors will discuss in coming months.
"In our opinion, these financials as presented are free of any material misstatements," Geiser said, adding that auditors encountered no disagreements with management and had no difficulties performing the audit. The audit and communications package is available in PDF on the county website, staff said.
Next steps: commissioners thanked finance staff for timely preparation of the audit materials; no formal vote was required on the audit presentation. The board moved on to the FY2027 budget presentation after the audit briefing.
