December 9, 2015



Dare County gets favorable audit report


At their meeting on Monday, Dec. 7, Dare County Commissioners received a favorable report from its independent auditor.

 Each year, every local government entity in North Carolina is required to submit to the Local Government Commission a financial statement that has been audited by a licensed certified public accounting firm.

The County’s 2015 audit results and Comprehensive Annual Financial Report (CAFR) were presented by Dare County’s Finance Director David Clawson and Bob Taylor from the auditing firm of Potter & Company Certified Public Accountants.

According to Clawson, “We are delighted to have received a favorable report that reflects Dare County having a successful year for every financial component of its annual report.” He explained that the county has been able to increase its surplus in the General Fund and improve its insurance fund balance. This, along with an improved net financial position, led to the favorable report.

Independent Auditor, Bob Taylor attributed Dare County’s successful year to “good fiscal management and fiscal responsibility.” In receiving the audit report, Dare County Chairman Bob Woodard said, “It is good to hear confirmation that we are moving in the right direction. This board will continue to make fiscal accountability a top priority.”

He added, “We appreciate the work of Finance Director David Clawson and his staff, and for the ongoing efforts of the county’s department leaders to control expenses without reducing services.”

Financial highlights included:

  • Dare County received an audit opinion with no findings or questioned costs for grants. (Grants tested as major programs included Medicaid, Hazard Mitigation and State Medical Assistance. Audited transactions totaled almost $24 million in federal funds and almost $11.8 million in state funds.)
  • Assets exceeded liabilities at the close of the fiscal year by $83.3 million.
  • The county’s total overall net financial position increased by over $13 million, primarily due to the accumulation of funds for beach nourishment, debt proceeds for capital projects, a reduction in debt, a surplus in the General Fund, favorable performance of business type activities, and the adoption of governmental accounting standard No. 68 resulting in the recording of a net pension asset.
  • All major funds had successful operations, showing positive fund balances at the end of the fiscal year (General Fund, Beach Nourishment Fund, C&D Fund, Social Services Restricted Fund, Capital Reserve, Water Fund, Insurance Fund).
  • The General Government Operating Fund Balance improved with a $1.8 million total increase.
  • Insurance Fund balance improved with $682,000 gain for the year.


The full Comprehensive Annual Financial Report can be viewed online at http://tinyurl.com/o6cabdp.

The video of the presentation to the Board can be viewed at http://tinyurl.com/nqjzbqa.

             
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