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Auditor: restricted cash and timing drove fund-balance calculations; water access fund shows deficit to be covered by transfers
Summary
Auditors told the board restricted cash (about $5.6M in unspent grant proceeds) explains why some fund-balance ratios declined and said the Water Access Phase 1 fund showed a timing-related deficit that will be alleviated by planned transfers and reimbursements, which must be budgeted.
Commissioners raised questions about how the county’s fund-balance percentages could fall when the general fund balance rose. Auditor Leanne Bagasala explained that the LGC template percentages exclude restricted cash; she said the county’s restricted cash (largely unspent grant proceeds, about $5.6 million) reduces the available percentage when backed out of the calculation.
Bagasala also reviewed a deficit in the Water Access Phase 1 fund and said the shortfall stems from an audit error correction and timing of transfers and reimbursements. She said expected transfers from the general fund and future grant reimbursements should resolve the deficit, but the transfers must be budgeted in subsequent years and documented to eliminate the deficient fund balance.
