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Bradley County audit: net position up $17M, debt down; county retains strong credit ratings
Summary
The county’s FY2024 financial statements were audited and found fairly presented under GAAP. Net position increased about $17 million to $80.567 million, outstanding debt fell by $7.558 million to $59.722 million (about $51 million for education), and credit ratings (Moody’s AA2; S&P AA) were maintained. Undesignated fund balance stood at 27%.
Bradley County officials reviewed the FY2024 audited financial statements at the Audit Committee meeting on Feb. 3, 2025. Mayor D. Gary Davis reported the State of Tennessee audit found the county’s financial statements were fairly presented in accordance with Generally Accepted Accounting Principles.
Key figures presented by the mayor include a roughly $17 million increase in the county’s Statement of Net Position to about $80,567,000 and a reduction in total county debt of about $7,558,000 to $59,722,000; of that debt approximately $51,000,000 is attributable to education obligations. Mayor Davis said the county maintained a Moody’s rating of AA2 and a Standard & Poor’s rating of AA. The undesignated fund balance was reported at 27%, exceeding the county’s 25% target.
Committee members praised the audit’s clarity and corrective actions taken for a previously noted Register of Deeds finding. An IT audit reported no findings. The committee adjourned after discussion of follow‑up reconciliations planned for payroll ledger alignment with auditors.
The audited statements and committee minutes are on file with the county.
