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Auditor delivers clean FY25 report; county fund balance increased to $4.5 million
Summary
Robinson Farmer Cox presented Richmond County’s FY25 audit on June 11, delivering three unmodified opinions and noting a $2.6 million net position increase. The firm required a restatement because of a new GASB compensated‑absence pronouncement and recommended a material‑variance policy for future reporting.
Robinson Farmer Cox partner Taylor Stove presented the county’s FY25 audit results at the June 11 meeting, reporting three unmodified opinions: the financial statements overall, internal control over financial reporting, and internal control over federal awards.
Stove said there were no findings in the attestation compliance report for either the county or the school board. He did note several funds exceeded appropriations: the general fund by approximately $2.8 million, the school operating fund by about $300,000, and the school cafeteria fund by about $300,000. The auditor explained a required restatement of beginning balances due to a new Governmental Accounting Standards Board pronouncement on compensated absences (identified in the presentation as the recent pronouncement requiring broader liability recognition), which required recalculation of FY24 balances.
The auditor highlighted the county’s improving reserves: net position increased about $2.6 million and the county’s unassigned general fund balance is approximately $4.5 million (about 17.37% of general fund expenditures), above the state recommended minimum (16.7%). Stove advised the county to adopt a written policy defining what constitutes a ‘‘material’’ variance for the MD&A and budget‑to‑actual notes required under upcoming GASB guidance (referenced in the presentation as GASB 103 changes), recommending a percentage plus a dollar floor for disclosures.
Why it matters: a clean audit (unmodified opinions) is a key financial governance signal to bond markets, rating agencies and residents. The restatement driven by the compensated‑absences pronouncement will affect how future liabilities and disclosures are presented; the auditor recommended adopting a materiality policy and preparing additional narrative explanations in budget reports going forward.
Stove thanked county staff and department offices for cooperation during the audit and provided contact information for follow‑up questions.
