Comal County auditors deliver clean opinion; county reports roughly $321 million in net position

Comal County's external auditors told the commissioners court on March 27 that the county's 2024 financial statements received an unmodified (clean) opinion.

"Our opinion on the financial statements encompassed in this book are is an unmodified opinion," Jeremy Barbato, senior manager with ABIP, said during his presentation. Barbato said government-wide assets exceeded liabilities by about $321 million and that unrestricted net position was roughly $78.5 million. He reported cash and investments of about $200 million and said the county's general fund equated to roughly eight months of operating reserves.

Barbato also reviewed recent accounting changes required by the Governmental Accounting Standards Board (GASB 101), which prompted a $3.8 million restatement of prior-year net position related to compensated absences. He said the audit identified no material weaknesses or significant deficiencies in internal controls and that the county qualified as a low-risk auditee for federal and state single-audit requirements.

Commissioners asked clarifying questions about the restatement, and the court accepted the 2024 Annual Comprehensive Financial Report after a brief procedural confirmation. The acceptance closes the county's audit cycle for fiscal year ending Dec. 31, 2024; county staff said they expect to seek the Government Finance Officers Association's certificate of achievement in the coming cycle.

Provenance: Topic introduced at SEG 459 (ABIP arrived to present) and concluded SEG 681 (auditor Q&A concluded).