Nueces County auditors issue unmodified opinion; commissioners warned reserve near policy target as 202324 budget looms
June 21, 2023 | Nueces County, Texas
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CORPUS CHRISTI — County auditors presented the comprehensive annual financial report for the fiscal year ended Sept. 30, 2022, and delivered an unmodified opinion while county staff warned commissioners that the general fund reserve is near the county's 25% policy target.
Lisa (County Auditor) summarized the CAFR and key figures: the county's government-wide net position was restated to $106,375,083 and increased by $11,083,475 compared with the prior year; governmental fund balances reported a combined ending balance of $129,501,501, a decrease from the prior year.
External auditor John Manning of Patillo, Brown & Hill told the court his firm could issue an unmodified opinion after testing federal and state programs: "...we were able to offer an unmodified opinion," Manning said. He told commissioners auditors found no material weaknesses in the grant programs they tested and praised corrective actions from previous comments.
County staff noted the general fund ended the year with a fund balance equal to about 24.15% of budgeted revenues and transfers in, just shy of the county's 25% target. The auditor warned that the 202324 budget could face pressure from increased debt service obligations and other changes; commissioners pressed staff for updated estimated-actuals to show where the county will likely end fiscal year 2023 and to inform upcoming budget workshops.
Commissioners asked for six-month estimated results and a working draft ahead of scheduled budget workshops. The auditor said draft estimated actuals would be circulated to commissioners in advance of the workshops and noted additional accounting changes (implementation of GASB 87 leases and forthcoming subscription-based IT changes) that had affected timing and reporting.
What happens next: staff will prepare and share estimated-actual reports ahead of budget workshops this month and return with details so the court can consider adjustments for the 202324 budget cycle.
Reported segments: CAFR presentation and auditor remarks, regular agenda, July 12, 2023 Nueces County Commissioners Court.
Lisa (County Auditor) summarized the CAFR and key figures: the county's government-wide net position was restated to $106,375,083 and increased by $11,083,475 compared with the prior year; governmental fund balances reported a combined ending balance of $129,501,501, a decrease from the prior year.
External auditor John Manning of Patillo, Brown & Hill told the court his firm could issue an unmodified opinion after testing federal and state programs: "...we were able to offer an unmodified opinion," Manning said. He told commissioners auditors found no material weaknesses in the grant programs they tested and praised corrective actions from previous comments.
County staff noted the general fund ended the year with a fund balance equal to about 24.15% of budgeted revenues and transfers in, just shy of the county's 25% target. The auditor warned that the 202324 budget could face pressure from increased debt service obligations and other changes; commissioners pressed staff for updated estimated-actuals to show where the county will likely end fiscal year 2023 and to inform upcoming budget workshops.
Commissioners asked for six-month estimated results and a working draft ahead of scheduled budget workshops. The auditor said draft estimated actuals would be circulated to commissioners in advance of the workshops and noted additional accounting changes (implementation of GASB 87 leases and forthcoming subscription-based IT changes) that had affected timing and reporting.
What happens next: staff will prepare and share estimated-actual reports ahead of budget workshops this month and return with details so the court can consider adjustments for the 202324 budget cycle.
Reported segments: CAFR presentation and auditor remarks, regular agenda, July 12, 2023 Nueces County Commissioners Court.
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