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Rockingham County auditors give unmodified FY2025 opinion but LGC flags water/sewer quick ratio and budget transfer exceedance
Summary
County auditors reported an unmodified opinion for FY2025 while noting two items requiring board response to the Local Government Commission: a negative quick ratio (-0.76) for the water and sewer fund that could indicate short-term liquidity pressure, and transfers that exceeded an adopted budget by $28,892.
Auditors from Thompson, Price, Scott and Adams presented Rockingham County's FY2025 audit March 2 and issued an unmodified opinion, saying they found no reason to believe the financial statements were materially misstated. Auditor Hunter Wiseman told the Board of Commissioners the firm audited governmental and business-type activities for the year ended June 30, 2025, and reported the draft financial statements are complete pending final acceptance by the Local Government Commission (LGC).
"We have an unmodified opinion, which means that we have not found any reason to believe that there are material misstatements," Wiseman said.
Wiseman highlighted two items the board must address to the LGC within 60 days of presentation: the water and sewer fund's quick ratio and an…
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