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Wake County posts $65.5M surplus, auditors issue clean opinion for FY2025
Summary
Wake County CFO Pat Flannery reported fiscal-year 2025 revenues exceeded expenditures by $65,500,000 and the county received unmodified (clean) audit opinions; auditors noted one corrected restatement and material weakness plus two significant deficiencies in Medicaid testing.
Pat Flannery, Wake County's chief financial officer, presented the annual comprehensive financial report for the fiscal year ended June 30, 2025, reporting that "Overall, the county revenues exceeded expenditures by $65,500,000." Flannery told commissioners revenues were $36,200,000 over budget driven by higher charges for services and intergovernmental receipts, and that general fund expenditures totaled $2,040,000,000 for the year. He said the county met fund-balance policy targets and will appropriate a portion of the excess to the OPEB trust.
Leanne Bagasala, audit partner at Malden and Jenkins, told the board the auditors issued unmodified (clean) opinions on the county's financial statements and on federal and state program reports. She said there was one material weakness related to a prior-year restatement that had been corrected in the financial statements and two significant deficiencies arising from Medicaid testing (documentation of eligibility in two of 60 sampled cases and five of 60 mismatches between day sheets and time sheets). Bagasala described the findings as documentation and process issues that auditors say management has addressed in the statements. The board took no formal vote beyond receipt of the reports; the ACFR will be posted on the county website.
