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Auditor: Lincoln County ended FY25 with $62 million net position; Justice Center bond funds drove change
Summary
Deputy auditor Michelle presented the county's unaudited annual report, reporting a net position of approximately $62 million with about $35.47 million restricted for the Justice Center project and noting the county retains roughly 12 cents of every property-tax dollar collected for operations.
Deputy auditor Michelle presented Lincoln County's unaudited annual report to the Board of Commissioners on May 26, providing a management discussion and analysis of fiscal year 2025.
Michelle said the county ended FY25 with a total net position of $62,000,000. Of that amount, about $35,468,000 is restricted for specific purposes, most significantly the Justice Center capital project; roughly $27,000,000 was recorded as unrestricted (not discretionary, but available for assignment). She explained that the large changes in net position are primarily attributable to the drawdown of bond funds received in 2023 to pay construction costs during 2025.
On revenue, Michelle said the county's total revenue last year exceeded $25,000,000, with property taxes the largest single source. "For every dollar that we receive, we retain about 12¢ of that," she said, noting that most of the remainder is distributed to other taxing districts (school districts, cities). She noted that the state average county retention is about 27 percent, so Lincoln County retains a smaller share.
Michelle explained that some funds are reported as major funds (Justice Center capital project, general fund, debt service) and clarified that ARPA and other federal grants had been significant in earlier years but those dollars have been assigned or expended. She reviewed assigned versus unassigned fund balances, investment interest (not budgeted because it is volatile), and the county's practice of drawing bond funds to pay contractors and later treating payments as debt service once the project is complete.
Commissioners asked several clarifying questions about the justice center debt schedule, the timing of insurance and when debt payments shift from capital project fund draws to debt service, and about other county debt (the highway building, with five years remaining). Michelle said she would provide details on assigned dollars and the list of specific assignments upon request.
The auditor also described the county's annual reporting and publication schedule and noted the legislative audit was expected to begin in late June. The board took no further action on the annual report beyond discussion and accepting the presentation.
