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Auditors give Davie County a clean opinion; available fund balance nears LGC threshold
Summary
Martin Starnes auditors gave Davie County an unmodified (clean) opinion for fiscal year ending 06/30/2024; the county's total fund balance rose by more than $6 million and available fund balance was reported above $19 million, with the stabilization ratio reported at about 24.8%.
Cassie Wilson of Martin Starnes and Associates told the Davie County Board the auditors issued an unmodified opinion on the county's financial statements for the year ended June 30, 2024.
"We did issue an unmodified opinion on the financial statements," Wilson said, describing that as the highest-quality audit opinion. She noted there was a single significant deficiency in one cross-cutting compliance area for a tested program but emphasized it was not a material weakness and that corrective training steps are already underway.
Wilson reported the county's general fund reflected an increase in fund balance of "over 6,000,000" and the available fund balance — the Local Government Commission (LGC) metric after removing nonspendable items — was above $19,000,000. When board members asked about the county's stabilization percentage, staff reported the number at about 24.8 percent, just under the commonly referenced 25 percent benchmark.
Wilson also summarized the revenue and expenditure mix: property taxes, intergovernmental (federal and state) funding and charges for services. She said enterprise funds showed a mixed picture, with water and sewer exhibiting positive cash flow and unrestricted net position over $2,000,000 while the solid waste fund showed a modest negative.
Commissioners thanked audit staff and county finance staff for work that contributed to improved fiscal results. The board did not take separate formal action on the audit presentation during the meeting.
