Auditor gives Bertie County an "unmodified opinion" for FY2024; general fund balance rises to 24%

Mauldin & Jenkins presented the Fiscal Year 2024 audit to the Bertie County Board of Commissioners on April 28, reporting an "unmodified opinion" that the County's financial statements are fairly presented in accordance with generally accepted accounting principles.

Auditor Leanne Bagasala told commissioners the county's general fund balance rose from 8.68% in FY2023 to 24% in FY2024, and that overall fund 1 balance increased to over 25%, representing approximately $6 million. The auditor described this as a significant improvement that exceeds the commonly recommended minimum standard of 20% for general fund reserves.

Bagasala also reviewed several audit findings: restated prior-year balances, material weaknesses including a lack of segregation of duties for manual journal entries, and a repeat finding related to Medicaid grant timekeeping where discrepancies between day sheets and timesheets were noted. She said the Department of Social Services is developing a corrective action plan for the Medicaid issue. Documentation deficiencies were also noted for ARPA program reporting, although required reports were submitted and accepted by the relevant government agency.

Management recommendations presented to the board included establishing a formal policy for an allowance for doubtful accounts for water services, ensuring timely submission of sales tax reimbursements, reviewing inactive funds, clearing outdated accounts payable balances, improving information technology structure, and ensuring appropriate bonding of the Finance Director. Bagasala warned that GASB Statement No. 101 (Compensated Absences) will affect Fiscal Year 2025 financial statements and that the FY2025 audit timeline may be extended due to delays in completion.

The auditor offered continuing education and advisory support; the board did not record a formal vote on management recommendations during the special meeting.