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Clay County receives clean FY2025 audit; auditors note two improvement areas
Summary
Auditors reported an unmodified (clean) opinion on Clay County's FY2025 financial statements, noted no findings but identified two areas for improvement related to building‑permit carryforwards and pass‑through fund budget procedures, and highlighted fund‑balance and pension liability figures.
Auditors from James Moore & Company presented Clay County’s fiscal year 2025 financial audit and issued an unmodified opinion — commonly called a “clean” opinion — on the county’s financial statements.
Bridal McKittrick, partner with James Moore & Company, told the board the audit produced no findings across the financial statements and related reports, but auditors included two areas for financial‑management improvement in the management letter: (1) continued work to spend down a carryforward balance associated with building permits tied to a state statute change and (2) improved budgetary procedures for pass‑through funds where transfers temporarily exceeded budgeted amounts. Management provided written responses describing corrective steps.
Key numbers presented: the county’s assigned and unassigned general‑fund balance for FY2025 equaled about 25% of expenditures — above the Government Finance Officers Association recommended floor (~16.7% or two months of expenditures). Capital asset additions totaled about $1.7 million for the year. Auditors noted the county records a government‑wide net pension liability of roughly $159 million under governmental accounting standards; auditors said this recording has no immediate budgetary impact but is disclosed in the government‑wide statements.
McKittrick also summarized the related reports the auditors prepare: a single‑audit report because grant expenditures exceeded a federal threshold, an internal‑control and compliance report (no material weaknesses identified) and state examination items. Where the auditors identified comments, management had incorporated responses and a plan to address them.
No board action was required on the audit report; the audit will be posted with the county’s financial statements and the county will continue to work with auditors to address the two items noted in the management letter.
