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Eddy County receives clean audit; officials note rising assets and cash balances
Summary
Auditors presented Eddy County's FY2025 financial-statement audit, issuing an unmodified (clean) opinion with no findings; officials highlighted growth in assets and strong cash and investment balances driven by gross receipts tax and oil-and-gas revenue, while the federal single audit remained pending due to timing.
Auditors told the Eddy County Commission on March 10 that the county's fiscal year 2025 financial statements are fairly presented, issuing an unmodified opinion and reporting no material weaknesses, significant deficiencies or other findings.
—AJ, a partner with Carriggs & Ingram, said auditors could not complete the federal single audit because the federal compliance supplement was released late but confirmed the financial-statement audit resulted in a clean opinion. —We were able to obtain sufficient appropriate audit evidence to render those opinions,— AJ said, adding that the single-audit report remained pending.
The presentation highlighted year-to-year growth. The auditor said the county's total assets passed $1 billion, with cash and investments forming a substantial portion of that balance. The auditor cited oil-and-gas and gross receipts tax (GRT) receipts as primary drivers of revenue growth and noted the county's liabilities are driven chiefly by pension and OPEB obligations.
Officials and the auditor emphasized that an unmodified opinion does not equal absolute assurance. AJ explained auditors test a mix of —hard numbers— such as cash and bank confirmations and —soft numbers— such as estimates for compensated absences and pension liabilities, and said the audit did not identify reportable internal-control findings.
Commissioners moved to accept and acknowledge the financial-statement audit packet after the presentation; the motion passed. The board was told the single (federal) audit was expected to arrive soon given federal timelines and that auditors would provide required communications to the governing body once all reports were complete.
The commission will consider any follow-up items required by the single audit once the federal report is available.
