County commissioners received a completed 2020 audit last week, reflecting a total net position approaching $49 million and unassigned fund balance of $12.7 million, according to local firm Driver, Adams + Sharpe.
“Last year was the best in the last 10, and this year [is on track to be] even better,” partner Sydney Sharpe told commissioners during the firm’s presentation.
The audit showed the following, related to governmental activities:
•An increase in net position of $5.7 million (13.2 percent) from $43.16 million as of December 2019 to $48.87 million as of December 2020.
•An increase in total assets of $4.2 million (8.1 percent) from $51.88 million as of December 2019 to $56.08 million as of December 2020.
•A decrease in long-term debt by $1.02 million (18.2 percent) from $5.6 million as of December 2019 to $4.58 million as of December 2020.
•An increase in fund balances from $23.49 million as of December 2019 to $24.54 million as of December 2020.
Approximately 52 percent of the fund balance constitutes unrestricted funds available for spending at the government’s discretion, according to the audit.
“It sounds high, but that’s not money in the bank. That’s the amount we use to operate throughout the year until we levy taxes at the end of the year,” County Manager Jason Tinsley said.
“We’re able to finance ourselves without borrowing,” Tinsley continued. “That’s how we keep millage down. It’s not a treasure we have access to.”