Douglas County’s finances got a clean bill of health during an audit of 2018 fiscal actions.
Wipfli CPAs and Consultants issued unmodified opinions of the county’s basic financial statements, government auditing standards, and compliance and internal controls related to the state audit program.
“That’s the opinion you’re looking for on the statement,” said Rob Ganschow of Wipfli CPAs and Consultants. “It means that we have found nothing that needs to be modified in that report … or compliance issues.”
There were no misstatements that required journal entry adjustment or disagreements with management, Ganschow said.
Overall, the county’s net position increased by about $276,000 from operations. The county had a net decrease in its fund balance for enterprise or fee-based programs of more than $1 million. While total revenues increased by about $466,324 in 2018, the total county expenditures increased by almost $2.4 million and other financing sources decreased by $214,491.
“The governmental funds at year’s end are still sitting at a decent shape,” Ganschow said.
Supervisor Larry Quam questioned whether the county would be able to maintain its bond rating based on the audit.
County Administrator Ann Doucette said the county’s bond rating, which had been Aa3, was upgraded to Aa2 recently.
Ganschow said the county’s general fund balance at year’s end was about $15.4 million, of which 38.7 percent was unassigned.
“To me, that is a respectable ratio to have,” Ganschow said. “That means of the total fund balance that you are showing there, approximately 39 percent of that, compared to your expenditures for last year, would be available to you to plug some holes should you need it on a short-term basis. I never advise my boards to use fund balance on a year-over-year basis.”
Ganschow said it shows the county is in a stable position financially.
“Overall, the county is solid,” Ganschow said.