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Finance Committee accepts Steuben County 2025 audit showing $20.6 million increase in restricted net position
Summary
The committee accepted the county's 2025 financial statements audit from Bonadio, which reported a $20.6 million increase in government activities restricted net position and noted upcoming GASB reporting changes for 2026.
The Steuben County Finance Committee unanimously accepted the draft 2025 financial statements presented by audit firm Bonadio at its June 9 meeting. Randy Shepard of Bonadio summarized the audit, reporting that "Government activities restricted net position increased $20.6 million to a total of $78,236,937 at the end of 2025," while "governmental activities unrestricted net position decreased $9.0 million to a total of $613,393."
Shepard told the committee the county's net pension liability was $27.3 million in 2025, up from $22.7 million in 2024, and that changes in OPEB assumptions and plan experience reduced total OPEB liability by about $6.9 million, with associated deferred inflow/outflow adjustments that together produced a roughly $10.8 million positive impact on change in net position. He also noted that two new GASB standards (GASB 103 and GASB 104) will take effect for fiscal year-end December 31, 2026, affecting reporting and disclosure of capital assets.
The acceptance motion was made by Jeffrey P. Horton and seconded by Robert V. Nichols; all five committee members voted in favor (5-0). The committee's action was a formal acceptance of the audit presentation and required communications as presented by Bonadio.
