Leitchfield tourism commission receives unmodified audit; commissioners approve report

An independent auditor told the Leitchfield Tourism and Convention Commission that its financial statements for the year ended June 30, 2023, received an unmodified (clean) opinion.

"We have audited the company financial statements ... and in our opinion the financial statements referred to above present fairly in all material respects," Jeff Carter of Taylor pson and Company said during a special called audit meeting. Carter presented the auditor's report, management discussion and accompanying notes and highlighted the audit opinion on page three of the report.

The auditor summarized key financial changes for the commission: current assets rose by about $100,000; capital assets declined about $150,000 due to depreciation; debt decreased roughly $150,000; and total net position increased roughly $200,000–$230,000 year over year. Carter told commissioners total revenues rose by about $50,000 (from roughly $1.2 million to about $1.3 million) while expenses decreased, producing an improvement in net position of about $198,000 for 2023 compared with about $61,000 in 2022.

Carter also reviewed fund-to-government-wide reconciliations, noting the general fund reported about $292,000 in assets while government-wide statements reflect fixed assets and deferred inflows/outflows that raise the statement of net position (including capital assets and debt adjustments) to approximately $6.5 million. On capital assets (page 21), he reported beginning balances near $5.8 million and an ending balance near $5.871 million, with cumulative depreciation by category totaling about $4,441,220.

The auditor presented the debt schedule (page 22), saying roughly $165,000 of principal and about $98,000 of interest are due in the next year (about $263,000 total) and that most outstanding debt relates to the Aquatic Center.

On budget performance (page 37), Carter said the commission's final budget forecast roughly $1.17 million in revenues but actual receipts were about $1.3 million (a favorable variance near $140,000). Final budgeted expenditures were about $1.289 million versus actual spending near $1.136 million (a favorable variance near $153,000), producing an overall favorable variance of roughly $294,000.

Carter read the independent auditor's report on internal control and compliance and reported that the auditors identified no deficiencies, significant deficiencies or material weaknesses, and found no compliance matters with laws and regulations during the audit. He also summarized a separate management letter describing significant audit matters and noted corrected and uncorrected misstatements tied to state-provided pension and OPEB adjustments received after the commission's fiscal year close.

Following the presentation, a commissioner asked for clarification that the audit was clean; the auditor confirmed that characterization. Commissioner Angie moved to approve the audit, Commissioner Joyce seconded, and the commission approved the report by voice vote. Commissioners thanked audit staff Sabrina and Lori for their assistance during the engagement.

The commission took no additional formal action on the audit item at the meeting.