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Colleton County reports stronger FY2021 results, single-audit finds no federal findings; administration announces tax meetings and grant acceptance
Summary
County Administrator Kevin Griffin told council on Jan. 4 that FY2021 revenues rose to $57.4 million, fund balances increased across funds, and a single-audit of $7.6 million in federal funds produced no findings; council also approved a $144,125 grant for industrial infrastructure and scheduled tax-ranking and accommodations-tax meetings.
Colleton County Administrator Kevin Griffin told council on Jan. 4, 2022, that the county closed fiscal-year 2021 with improved revenue and fund-balance metrics and that the required single-audit produced no findings.
Griffin said total revenues for FY2021 were about $57.4 million, roughly $4.1 million higher than the prior year. That growth contributed to an approximately $3 million increase in fund balance across county funds — including Fire-Rescue, Solid Waste, and Roads and Bridges — and a general fund increase of roughly $967,000. Griffin reported the county’s unrestricted fund balance rose to about $9.1 million, equal to about 29% of annual expenditures; the county’s budget ordinance requires maintaining at least 20% to comply with bond and fiscal policies. He said the single-audit — required when a county receives more than $750,000 in federal awards — covered about $7.6 million in federal funds, either received directly or passed through state agencies, and produced no audit findings that would raise the county’s federal-audit risk profile.
Griffin also announced two upcoming items: the Accommodations Tax Advisory Board formation meeting on Jan. 12 (he said about $75,000 is available to support tourism-related spending) and the Capital Sales Tax Program ranking meeting on Jan. 19 at 5:30 p.m. He told council contractors had been delayed in producing some numbers but staff will distribute the materials to members by the close of business on Friday to allow review before the Jan. 19 meeting.
At the meeting council also unanimously approved Resolution 22-R-03 to accept a $144,125 grant from Coastal Electric Cooperative, Inc. for industrial infrastructure development and authorized acceptance and budgeting of other FY2021–22 grants under Resolution 22-R-02. Council approved several board appointments by acclamation.
The administration said detailed audit reports will be presented to council in February and staff will provide the supporting financial reports to members on request.
