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New county administrator reports clean FY2025 audit with control findings, $23M in investments and multiple tech initiatives
Summary
Lincoln County's new county administrator reported a clean FY2025 audit but flagged four findings including one material weakness in internal controls (cash/check reconciliation). He said $23 million is under management with investments being repositioned for higher yields and described technology projects: a compensation calculator app, public-records portal, grant-management system and proposed grant and reconciliation resolutions.
The county administrator, who said he has been on the job about eight weeks, told commissioners the fiscal-year 2025 audit returned a clean opinion but identified four findings, including a material weakness in certain internal controls related to reconciliation procedures. He said the county will resume a monthly cash-reconciliation process with the treasurer and will present a resolution next week formalizing that requirement. "The fiscal year 2025 audit came back with a clean opinion... it did identify four findings... and one of them was a material weakness," he said.
The administrator reported the county has roughly $23 million under management with Raymond James and expects lower-yield bonds to roll off and be reinvested at higher yields (he mentioned about 4.5% as a target). "We have about $23 million under management across two different funds... by the end of September, we should be out of all of the lower yield bonds and back into... bonds providing a much higher yield," he said.
He also described technology initiatives intended to improve transparency and efficiency: a compensation-review calculator previously used in a meeting, a public-records portal to track requests and a grant-management system to give countywide visibility of grant applications and obligations. He said he will propose a grant-policy resolution so the administrator's office can review and coordinate grant applications and avoid duplicative commitments of county resources. He noted a $10,000 grant application was submitted to the Lore Foundation to support software development.
