The 2018 Carbon County Financial Audit was presented to the commissioners on Wednesday evening by Squire and Company.
A representative of the company was present for this, stating that he has worked closely with Carbon County Clerk/Auditor Seth Marsing and his staff as they gathered the information needed to compose the statements, which the commissioners had a copy of on-hand.
First and foremost, the responsibility of Squire and Company was to audit the financial statements and provide opinions. For the financial statements themselves, the work is presented in a way to make a determination on what are major, significant funds of the county. These were found to be the general fund, municipal services and more.
There was 19.2 million total assets with a fund balance overall of 16.3 million. Activity for the year included an overall revenue of 28.2 million and overall expenditures of greater than 35 million.
“I feel that it is very useful for the public to know that eight million of the expenses for the county went to finish the building of the new Seventh District building,” stated Marsing. “In the previous year, we had received the bond proceeds for the new Seventh District building so the expenses showed in 2018, but the revenues to cover them showed in a previous year.”
According to the financial statements for 2018, all departments spent less than budgeted amounts. The statements also show that during 2018, net positions for governmental activities increased by 1.1 million. Revenues for the county’s governmental activities increased by 2.6 million, while total expenses decreased by $6.2 million.
The company comprised a restatement of the prior year financial statements and there was a footnote that described what was restated.
One key adjustment was to look at what is considered, from a county perspective, as a component unit. One thing determined was that Southeast Utah Health District does not meet the requirement of the definitions of being considered a component. The new financial statements reflect that. The county is subject to federal and state audits and for the federal select major programs, Squire and Company looked at expenditures and which programs should be tested.
With the conclusion of the report, Commission Chair Larry Jensen questioned that, besides the small adjustments, the report seemed to look positive. This was agreed upon by the Squire and Company representative.
“We’re encouraged. We feel good about where you’re at,” the representative stated.
Squire and Company were thanked by the commissioners, along with Marsing and his department, for keeping them informed and on top of the finances.