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Independent auditors give Beaufort County a clean FY24 opinion, no findings
Summary
Malden & Jenkins issued an unmodified (clean) opinion on Beaufort County's FY24 annual comprehensive financial report and the related single-audit; auditors reported no findings in the Yellow Book internal-control review and highlighted revenue growth and a strengthened fund balance.
David Erwin, partner at Malden & Jenkins, told the Beaufort County Finance, Administration & Economic Development Committee on Feb. 18 that the firm is issuing “a clean or unmodified opinion on this year’s report,” meaning the county’s financial statements are fairly presented in all material respects.
Erwin said the county recorded roughly $1.2 billion in assets and deferred outflows, about $647 million of which are capital assets, and ended the year with approximately $833 million in net position — an increase of about $130 million from the prior year. Revenue for FY24 was roughly $380 million, an increase of about $84 million from FY23, while total expenses were reported just under $250 million.
The auditor noted the county had about $18,000,000 in federal expenditures in FY24, which required a single audit covering three major programs; Malden & Jenkins issued a clean opinion on the single audit as well. In the Yellow Book review of internal controls and compliance, Erwin said auditors identified no reportable findings or significant deficiencies.
Erwin also summarized general-fund results: total general-fund revenues were about $184 million, with property taxes accounting for roughly $129 million (about 70 percent of general-fund revenue). The unassigned general-fund balance at year end equaled about five months of operating expenditures, which the auditor described as a healthy liquidity position.
The presentation included a note on enterprise funds: three enterprise funds (two airports and stormwater) generated operating income in FY24; the solid-waste fund had a small operating loss (just over $500,000) that was offset by nonoperating revenues and transfers.
Committee members thanked audit staff and county finance staff for meeting statutory deadlines and for the apparent improvement in controls and reporting.
The committee did not take formal action on the audit itself during the meeting; Erwin offered to answer questions and concluded the presentation.
