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Tompkins County accepts 2024 audit showing clean opinions, auditors note federal and state pass‑throughs
Summary
Legislature accepted the near-final 2024 audited financial statements after auditors reported an unmodified opinion and no findings on sampled federal programs; the board also discussed declines in one‑time federal COVID revenue and fund‑balance policy implications.
Tompkins County legislators voted unanimously Aug. 19 to accept the county's 2024 audited financial statements after outside auditors reported a clean (unmodified) opinion and no material findings.
Daryl Tuttle, the county's director of finance, introduced auditors from Inciro, who told the legislature the county spent roughly $42.5 million in federal funds during 2024 and about $16 million in state Department of Transportation pass‑through funding. Auditor Conrad White summarized fund‑balance changes and GASB liabilities, noting the county established a $2.7 million tax stabilization reserve and increased a capital reserve during the year.
"Overall, a very strong audit for the County," an Inciro presenter said, and the auditors said a small number of correspondence items remained before finalizing the report. The auditors also noted that federal COVID‑related revenues that boosted recent years' totals are temporary and likely to decline, which legislators flagged as relevant to ongoing budget planning.
Legislators followed with detailed questions about revenue trends and the practical meaning of the fund‑balance policy. One member asked whether the county's $44 million unassigned fund balance reported for 2024 accurately reflects current cash, and finance staff agreed to provide updated breakouts. After the discussion, the legislature moved, seconded and approved acceptance of the audit "unanimously." The accepted report will be incorporated into the county's public records and posted following final correspondence with the auditors.
The action: Resolution G (Acceptance of audited financial reports for fiscal year ended 12/31/2024) was moved, seconded and approved unanimously.
What's next: Finance staff said they will finalize remaining correspondence with auditors and circulate the updated executive summary and detailed pages to legislators once those final items are received.
