Auditor delivers 'clean opinion' on Martin County 2017–18 finances; water district deficit noted

Chris Burton of Carr Riggs & Ingram presented the Martin County 2017–18 audit and said the financial statements were "presented fairly, in all material respects." Burton reported a net position of $15,316,109 and a General Fund year‑end balance of $12,074,249, an increase of $58,277 from the prior year. He noted the county’s unassigned fund balance was $8,436,400, or 29.5 percent of General Fund expenditures.

Burton drew attention to an ongoing deficit in the county’s Water District enterprise funds and said the Local Government Commission would send a letter regarding the continued deficit. He also noted a restatement related to the county’s OPEB liability and that $1,000,000 was transferred out of the hospital fund to fund the OPEB trust.

Finance Director Cindy Ange said the Comprehensive Annual Financial Report (CAFR) includes revenue and expenditure breakdowns; Burton reviewed revenue sources and trends, including a 9.36 percent increase in ad valorem taxes in 2018 and steady growth in local option sales tax. Charts in the CAFR showed education and human services as the largest expenditure categories.

The board thanked Burton and county finance staff for the audit and their financial reporting work. No board action was required beyond receiving the report.