Dare County audit is good; finances strong

Published 1:05 pm Monday, January 16, 2023

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Dare County commissioners received an unmodified audit opinion for the county’s June 30, 2022 audit.

Bob Taylor, partner with the county’s audit firm, Potter & Company, told the commissioners that the required opinion letters were clean with no exceptions.

The auditor is required to provide an opinion on the county’s financial statements and single audit opinions on internal control, and compliance with federal and state programs.

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Potter & Company looked at statements of governmental activity, the business-type activities like the Dare County water system, component units, each major fund and related notes.

Based on the audit, Potter & Company opined that the financial statements “present fairly, in all material respects, the respective financial position” of the various funds examined.

Taylor, addressing the commissioners electronically, pointed out that the general fund (consolidated) unassigned fund balance is 34.53% of general operating revenues. Last year, the operating fund balance was 30%. The general fund (consolidated) available fund balance is $60,937,130. The target percentage per commissioner policy is 21%.

Taylor pointed out that the county’s self-insurance fund was in a much healthier position with a $1.4 million increase in the available funding.

Additionally, the board eliminated the county’s liability in the Law Enforcement Officer Special Separation Allowance Trust and has $250,000 in its balance.

Finance director David Clawson opened his presentation by detailing the five additional funds that were created in the last fiscal year: Home Health and Hospice with proceeds from the sale of that certificate; Community Housing; American Rescue Plan; Opioid Settlement; and the Irrevocable Trust for the Law Enforcement Officers Special Separation Allowance.

The county now has 35 separate funds.