The accounting firm PBMares prepared and presented an audit of the Comprehensive Annual Financial Report for fiscal year 2019 at the Augusta County Board of Supervisors meeting on Dec. 11.
PBMares partner and Government Team Leader, Betsy Hedrick, summarized the audit findings for the Board and commended the work by the Finance Department saying PBMares provided “an unmodified opinion which is a clean opinion.”
The 2019 Comprehensive Annual Financial Report in its entirety can be found at AugustaCountyVA.gov/financial-reports.
Highlights from the report include:
- Local revenues increased by 6.1%, mainly from sales and use tax that were up by 10% over 2018. This is a good indicator that consumer spending may be gaining from the previous recession.
- In 2019, the County had debt issues related to school construction that totaled $69,656,703 and bonds for construction of a sewage system, roadway and bridge construction, and the Mill Place water tank outstanding for $5,759,402.
- The County’s total net position increased by $8,212,547.
- The government’s general revenue was $121,388,911. The expenses were $113,176,364.
- The School Board’s general revenue was $116,124,226. The expenses were $113,102,026.
- At the close of the fiscal year, the County’s governmental funds reported a combined ending balance of $50,736,210, an increase of $4,571,234 over the prior year.
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