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Auditor: Patrick County receives unmodified FY2025 opinion; liabilities rise due to GASB changes
Summary
Robinson Farmer Cox partner Scott Wickham reported an unmodified opinion for Patrick County's FY2025 audit, noted GASB implementation increased reported compensated‑absence liabilities (about $2.5M for schools; ~$400,000 for county), and outlined revenue and reserve trends.
Robinson Farmer Cox partner Scott Wickham told the Board of Supervisors that Patrick County received an unmodified opinion on its FY2025 financial statements — the highest standard auditors can give.
Wickham said the audit included an additional paragraph required by new GASB guidance on compensated absences; the implementation raised reported liabilities without affecting cash operations. "The county has received an unmodified opinion," he said, and added that the schools saw about a $2,500,000 increase to liabilities while the county's liability rose by about $400,000 due to the change in accounting for accrued leave.
Wickham reviewed five‑year trends showing roughly 4.7% annual growth in property taxes, 4.9% in intergovernmental revenues, and total revenues just under 7% per year. He also noted Patrick County's unassigned fund balance of about $19.1 million (roughly 29% of operating expenditures) and cautioned that total operating expenses are increasing at about 7.8%, slightly outpacing revenue growth.
