The Beaufort County Finance Department has released the Annual Audit Report for Fiscal Year 2020. Audited by Mauldin and Jenkins, CPA Firm of Savannah, GA, this is a comprehensive annual financial report that includes in-depth information on the County’s financial strength and how that position may have changed as a result of County operations.

The report was completed in compliance with the state-granted extension of March 31, and was presented to all Beaufort County Council Members today, Friday, April 9. It is now available in its entirety on the Beaufort County website.

The financial report also includes important statistical and economic factors that impact the County each year, demonstrate its ability to continue generating revenues, and provides insight about the County’s credit-worthiness.

The County’s fund balance as a whole ended the year on a high note. Specifically, the General Fund increased its fund balance by $10,506,369.  County Council subsequently voted to use approximately one-half of the surplus from FY 2020 to completely pay off a debt issuance dating back to 2012. This will result in saving County taxpayers more than $5.2 million in interest.

The audit identified several areas as needing improvement due to Finance Department staff turnover:

• the untimely closure of the books because several year-end transactions had not been made. This resulted in a documentation delay and completion of the audit;
• the need for a more timely and accurate completion of bank reconciliations;
• a more timely process for reimbursement requests of federal grant funds and submission of grant closing documents.

Beaufort County Council, County Administration and the Finance Department will be working closely to implement procedures that address each of these areas. The County Finance Department has already implemented measures to streamline communication and strengthen response times, however with three months remaining in the current fiscal year, corrective action may not be reflected in FY 2021.

To view the entire report, click here.