Pine Valley pre-audit shows about $1.2 million surplus; audit to reconcile records

The Richland County Pine Valley subcommittee on Feb. 16 received a year-end financial update showing pre-audited revenue just under $12,000,000 and expenses of about $10,700,000, leaving an estimated pre-audit surplus of roughly $1,200,000.

The financial director told members these figures are preliminary and subject to change once an external audit completes. She said operating cash at year end was about $3,300,000, with an additional $1,000,000 held for capital improvements and roughly $725,000 reserved for debt service, placing total cash on the balance sheet near $5,000,000.

Committee members were told the county is in the middle of an audit and that the reported figures reflect Matrix accounting entries rather than the Tyler system; the presenter noted a reconciliation difference of about $11,000 between Tyler and Matrix and said auditors will address classification and any reclassifications.

The presenter described how tax levies are recorded on the balance sheet as contributed capital rather than revenue and walked members through operating revenue and the major expense groupings, including wages and fringe benefits. The presenter said that while she does not expect large changes to revenue, operating expense reclassifications are possible as auditors complete their work.

Members asked about the timing of on-site audit work; staff said auditors would be on site the following day and over the next several days to complete reconciliations and finalize audited numbers.

Next steps: the financial director said she will return with audited results and an updated balance sheet within about a month or two after the audit is complete.