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Lincoln County receives unmodified audit opinion for FY2025; revenue and expenditures rose
Summary
Martin Starns & Associates delivered an unmodified (clean) audit for fiscal year ended June 30, 2025. General‑fund revenues rose to about $181 million and expenditures to about $151 million; auditors reported no findings and flagged stable enterprise‑fund liquidity.
Lincoln County staff and Martin Starns & Associates presented the audited financial statements for the fiscal year ended June 30, 2025. Auditor Chris Turpin reported an unmodified (clean) opinion and thanked county staff for timely cooperation.
Key financial highlights presented to the board: - General‑fund revenues increased by roughly $14.7 million (about 9%) to approximately $181 million; property tax remains the largest single revenue source (about 54%), and local option sales tax accounted for roughly 25% of general‑fund revenues. - General‑fund expenditures increased about $12.8 million (9%) to roughly $151 million; major increases were in education (driven by higher public school allocations) and public safety (salary increases and new hires in the sheriff and EMS). - The unassigned portion of the general‑fund balance declined by about 11% (roughly $4 million), largely because more resources were reported as restricted or committed. - Enterprise funds: the water and sewer fund reported positive net position and liquidity levels that met Local Government Commission benchmarks; the quick ratio remained well above the LGC threshold of concern.
Audit findings and next steps: Auditors reported no findings or negative performance indicators. The audit was submitted to the N.C. Local Government Commission; staff and auditors will respond to any follow‑up requests arising from the LGC review.
