NEWBERRY — Newberry County got good check marks for their audit ending July 31.
The county got what is called an unqualified audit which is the best opinion it can get.
A qualified audit would indicate problems that need attention, according to Newberry County Administrator Wayne Adams.
During the year the county was able to increase its fund balance by $1.6 million and it also has $8.9 million in its unreserved fund.
“The amount of the fund balance not obligated for future expenditures is $8.9 million. This means the county has about five months’ operating expenditures in reserve. By statute, all counties begin spending their new budgets on July 1. However, statute also dictates that counties do not collect on their largest revenue source, property taxes on real estate, until the following December. The chief purpose of the non-obligated fund balance is to cash flow the county’s operations during the statutory lag between expenditures and collections,” said Adams
The county also increased its projected budget revenue for the 2011-12 years by $93,000 and decreased expenses by $1.9 million.
“The county’s revenue sources exceeded estimates by $94,000, which is a positive margin, but still less than one-half of a percent more than the its $21 million annual operating budget,” said Adams.
According the Newberry County Council Chair Buddy Livingston the county is in great shape compared to the financial state of South Carolina.
“And compared to the federal government our financial state is beautiful,” said Livingston.
“The real heroes for the 11-12 fiscal year were our department heads. The amount we were able to add to fund balance was provided by their controlling of expenditures,” added Adams.