Tunica County audit: unmodified opinion but roughly $2 million decline in net position

Simpson Goodman, an external auditor with Bridal CPAs, told the Tunica County Board of Supervisors that the county's fiscal 2023-24 audit resulted in an unmodified opinion, the best outcome an auditor can issue.

Goodman said the audit showed a decrease in the county's net position of about $2,000,003.97 and a net reduction in capital assets of roughly $1,680,395. He told the board some of the change reflected disposals and routine adjustments to fixed assets and cited a decline in gaming revenue of about $1.8 million from fiscal 2023 to 2024 as a contributing factor.

"The good news is that the county had an unmodified opinion, which is the best opinion that you can have," Goodman said, adding that the net-position change largely reflected debt-service proceeds used during fiscal 2024 and asset disposals. He also reviewed pension-liability sensitivity in the notes, showing that a 1 percentage-point swing in the discount rate materially changes pension liabilities.

Auditors noted the Public Employees' Retirement System (PERS) increased the employer contribution rate effective July 1, 2024, by 0.5 percentage point and that the change will be phased in through 2029; employee contribution rates remain unchanged. Board members asked for clarification on whether the special funds were included in the consolidated figures; auditors confirmed the audit presents the funds together.

The presentation included an analytical handout comparing the 2022-23 and 2023-24 fiscal years, highlighting major funds (general fund, road maintenance fund, urban renewal bond fund) and longer-term liabilities. Auditors also reported an overall net decrease in long-term debt of approximately $2,490,309 compared with the prior year.

Goodman closed by offering to provide additional detail through Dr. Willis or directly by email if supervisors wanted follow-up. The board did not take formal action on the audit beyond receiving the presentation.