Patrick County receives unmodified FY2025 audit; reported liabilities rise under new GASB guidance

Robinson Farmer Cox & Associates presented the FY2025 audit to the Patrick County Board of Supervisors, delivering an unmodified opinion on the county's financial statements and an overview of multi-year trends.

Audit partner Scott Wickham said the county "has received an unmodified opinion," noting additional paragraph-level reporting required by GASB standards for compensated absences. Wickham explained that the accounting change increased liabilities reported on the balance sheet — approximately $2,500,000 for the schools and about $400,000 for the county — but did not change cash operations.

Wickham also reviewed a five-year trend showing property-tax growth of about 4.7% annually, intergovernmental revenues up roughly 4.9% per year, and total revenues rising just under 7% annually. The report showed an unassigned fund balance near $19,100,000 (about 29% of operating expenditures), which Wickham said exceeds the Government Finance Officers Association's two-month (16.67%) minimum guideline.

Board members asked clarifying questions about the GASB implementation, pension and actuarial assumptions, and the auditor emphasized that those entries are large estimates that can move materially depending on investment returns and actuarial assumptions.