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Caroline County audit returns clean opinion; net position rises to $98.7 million
Summary
External auditor Roy Geiser of UHY presented a clean opinion on Caroline County’s FY2025 financial statements, reporting a year‑over‑year net position increase to $98.7 million and noting pension and OPEB funding levels and upcoming GASB changes.
Roy Geiser of UHY told the Caroline County Board of Commissioners that the fiscal year 2025 financial statements earned a clean audit opinion.
"In our opinion, these financials as presented are free of any material misstatements," Geiser said as he reviewed the independent audit report and related communications. He explained the opinion follows auditing standards generally accepted in the United States and applicable government auditing standards.
Geiser highlighted the county’s statement of net position, reporting net investment in capital assets of $56,900,000; restricted assets of about $6,000,000; and unrestricted assets of $35,800,000, for a total net position of $98,700,000. He said the county’s net position increased by roughly $13,500,000 during the year and described the 10‑year upward trend as indicative of financial health.
The auditor summarized capital activity and long‑term obligations: approximately $9.6 million was invested in capital assets this year; bonds payable were about $33.5 million; compensated absences impacted by GASB changes stood near $1.7 million; accrued landfill liability was about $3.0 million; and a Dayspring townhome obligation of roughly $2.5 million contributed to total long‑term debt of about $40,700,000 (a net decrease of about $2,700,000 from the prior year).
Geiser also reviewed pension and OPEB metrics. The county pension net liability was reported at $5,900,000 (about 85% funded), a Maryland plan piece was listed at $10,300,000 (about 72% funded), and the OPEB position showed a net asset of $2,800,000 (about 146% funded). He noted these actuarial estimates change over time and are recurring audit points.
On required communications and standards, Geiser pointed to recently implemented GASB statements (GASB 101 and 102) and told the board staff that GASB 103 and other disclosures will be discussed with finance staff in coming months. He said the audit encountered no disagreements with management and no difficulties that affected the opinion.
County staff confirmed the full audit report is posted online in PDF format and historical audits are available for public review. Commissioners thanked the finance team and the auditor for completing the work on schedule.
The board had brief follow‑up questions about LOSAP (Length of Service Award Program) funding levels; Geiser pointed to schedule pages showing LOSAP funding rising from no plan assets in 2022 to about 59% in 2023 and about 68% in 2024, indicating progress toward fully funded status.
The audit presentation concluded with the auditor and staff noting planned meetings to address upcoming GASB requirements and technical disclosures.
