Bosque Commissioners approve county's 2022 financial audit

The Bosque County Commissioners Court reviewed and approved the county's 2022 financial audit during its regular meeting on Monday, May 20, 2024.

The audit for Bosque County for the fiscal year ending September 30, 2022, provided a comprehensive review of the county’s financial health and governance.

The audit, conducted by independent auditors BMY of Stephenville, offered an in-depth look into the county's financial position and operations over the past year.

Financial highlights

Bosque County’s financial position is healthy, as evidenced by several key indicators: Assets and Liabilities: At the close of the fiscal year, the county’s assets exceeded its liabilities by $23.1 million. This net position is a crucial measure of the county's financial stability.

Unrestricted Net Position: Of the total net position, $12.3 million is classified as unrestricted. These funds are available for meeting ongoing obligations to citizens and creditors.

Increase in Net Position: The county’s total net position increased by $3.3 million during the fiscal year.

Governmental Funds Balance: The governmental funds reported an ending balance of $14.1 million. Of this, $4.1 million is restricted for specific purposes, ensuring funds are allocated to crucial projects and services as required by the county's policies.

Key findings

The auditors concluded that the financial statements for Bosque County present a fair and accurate depiction of the county’s financial status. This evaluation covers governmental activities, major funds, and aggregate remaining funds as listed in the county’s financial documents. The auditors’ opinion is unmodified, meaning there were no significant concerns regarding the accuracy or completeness of the financial statements.

“Our audit was conducted in accordance with auditing standards generally accepted in the United States of America,” stated the auditors. “We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our audit opinions.”

New accounting standards implemented

The audit highlights the implementation of the Governmental Accounting Standards Board (GASB) Statement No. 87, Leases, which was adopted by the county in 2022. This new standard requires governments to recognize lease liabilities and related assets, reflecting a more accurate picture of their financial commitments. The auditors noted this change but did not modify their opinion regarding this matter.

Management’s role and responsibilities

The audit report underscored the responsibilities of the county’s management in preparing and presenting the financial statements. Management is tasked with ensuring the financial statements are free from material misstatement, whether due to fraud or error, and maintaining effective internal controls.

Management must also assess whether there are any conditions or events that raise substantial doubt about the county's ability to continue as a going concern over the next 12 months. This evaluation is crucial for long-term financial planning and stability.

Auditor’s approach and assurance

The auditors detailed their methodology, emphasizing professional skepticism and judgment throughout the process. They assessed risks of material misstatement, tested financial records, and evaluated the effectiveness of internal controls without issuing an opinion on these controls.

“Our objective is to obtain reasonable assurance about whether the financial statements are free from material misstatement,” the report noted. “Reasonable assurance is not absolute, and there is always a risk that a material misstatement may not be detected, particularly if it involves fraud.”

Supplementary and additional information The audit also reviewed supplementary information such as management’s discussion and analysis, budgetary comparison data, and pension schedules for the Texas County and District Retirement System. While the auditors applied certain procedures to this supplementary information, they did not provide an opinion on it due to the limited scope of the procedures applied.

The audit included additional analyses and comparisons of non-major funds and budgetary information. The auditors concluded that this supplementary data is fairly stated and consistent with the basic financial statements.

Conclusion

The 2022 audit report for Bosque County reflects a stable financial environment and adherence to generally accepted accounting principles, the auditors said.

The full audit report is available for public review at the Bosque County Clerk’s office and on the county’s official website.

For more detailed insights and to view the complete financial statements, residents are encouraged to access the documents online or visit the county offices.

ESD audit extension

Also, during the court's regular meeting on Monday, May 20, the North Bosque Emergency Services District requested and was granted a 30-day extension for submitting their annual audit. This extension aligns with state requirements and ensures accurate reporting.

Emergency management and disaster declarations Emergency Management Coordinator Kirk Turner reported stable conditions with no immediate drought or wildfire risks. The county met the damage threshold for state disaster declaration, and next steps involve submitting damage assessments to FEMA.

The court also extended: COVID-19 Local Disaster Declaration: Continued the declaration to manage ongoing recovery efforts and ensure all funds are appropriately expended.

Heavy Rain and Flooding Declaration: Extended the local disaster declaration due to heavy rains and flooding, reflecting the county's proactive approach to disaster management.

Community reports and resignations

The court received and filed the April 2024 monthly report from Justice of the Peace, Precinct 1, Jeff Hightower.

Additionally, the resignation of Charles Ellis from the Bosque County Historical Commission was acknowledged with appreciation for his years of dedicated service.

IT agreement

Bosque County Judge Cindy Vanlandingham was authorized to sign the agreement for IT support services with Bedrock IT. This agreement formalizes the county's partnership with the selected provider for comprehensive IT support.

New signatory

Laura Roscoe was approved as a new signatory on county accounts, allowing her to sign checks and manage financial transactions in the absence of the County Auditor.

Financial approvals and disbursements

The court addressed several financial items, including: County Funds: Approved the payment of salaries, wages, and claims against county funds as listed in the expense approval register.

Precinct Funds: Authorized the payment of claims and wages specific to precincts.

Election office support The court approved additional comp time for the Election Office and County Clerk’s Office to manage the election processes effectively for the Democratic runoff election on May 28, 2024.

Elder abuse awareness proclamation The court proclaimed June 2024 as Elder Abuse AwarenessMonthinBosque County, highlighting the importance of protecting older adults and people with disabilities from abuse. The proclamation was presented in partnership with the Department of Family and Protective Services.

Flood awareness week proclamation Recognizing the risks of severe weather, the court declared May 22-26, 2024, as Flood Awareness Week in Bosque County. The proclamation encourages residents to enhance their knowledge of flood preparedness and safety measures.