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June 27, 2013

County receives clean financial audit

Auditors note one finding; commend county for increasing reserve fund

By JUDY SHERIDAN

Parker County received a clean opinion Wednesday from auditing firm Snow Garrett & Williams.

Kathy Williams, a partner with the firm, presented the annual financial report for the year ending Sept. 30, 2012, to the court.

“In our opinion financial statements are presented fairly in all material respects,” she said. “As of Sept. 30, 2012, the year ended in conformity with generally accepted accounting principles. That is that clean opinion you want to see on the county’s financial statements.”

The auditor did note a finding. A liability account in one of the agency funds had not been reconciled and was significantly overstated.

It was described in the audit as a significant deficiency on a Schedule for Findings and Questioned Costs.

“There’s an agency fund where state fees are collected, and that goes into a liability account to be paid back to the state,” Williams explained.

“But the liability account was not reduced when that liability was paid, and instead it was expensed in the general fund, so we had a significant journal entry that actually increased fund balance in your general fund and adjusted that liability to what it should have been.”

Williams said the firm was recommending the county reconcile agency fund liability accounts annually and set up different accounts.

“The plus side of this is that we actually have $400,000 that we didn’t think we had,” Riley said. “This is one of those good things.”

“It was expended out of the general fund, and it shouldn’t have been,” Williams responded, “so actually it’s picked up as if it were revenue in the general fund.”

Williams pointed out several things to the court.

She showed that total capital assets at the end of 2012 had decreased almost $2.4 million, from $75.9 million to $73.5 million.

“You had your $16 million in capital asset additions for the 2012 fiscal year, but then you also delegated over $15 million of infrastructure and land to local governmental entities, so that’s the main thing.”

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