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Auditors report unmodified FY2024 opinion; Barrow County shows revenue gains and higher reserves
Summary
Auditors presented Barrow County’s FY2024 financial report with an unmodified opinion, highlighting a roughly $6.9M increase in capital assets, a roughly $26M increase in unrestricted net position, higher sales and property tax collections, and strong SPLOST and T-SPLOST receipts.
Auditors presented Barrow County’s FY2024 Annual Comprehensive Financial Report and issued an unmodified opinion, meaning the auditors found the county’s financial statements fairly presented the county’s finances under governmental auditing standards.
Sam Latimer, partner with the county’s audit firm, told the board: “we have issued what we would call an unmodified opinion.” He reviewed highlights showing capital-assets net investment rising from about $74.4 million to about $81.3 million (an increase of roughly $6.9 million) and the county’s unrestricted net position increasing from about $218 million to about $244 million (a roughly $26 million increase). The audit also showed robust SPLOST '22 funds (about $22 million) and first-year T-SPLOST collections of about $4.9 million. Latimer attributed the overall increase in net position to higher property-tax and sales-tax receipts and noted the county’s unassigned fund balance has risen over recent years and was described in the presentation as a healthy reserve.
Latimer said the auditors had a small number of internal-control comments (documented in the report) but no uncorrected audit adjustments and no disagreements with management. He also noted the single-audit of federal-award expenditures produced an unmodified opinion on compliance. Commissioners had brief follow-up questions, and the county’s finance staff and auditors offered to assist with upcoming GASB accounting changes.
