County Government receives clean opinion in recent audit

0
196

Wyo4News Staff, [email protected] [PRESS RELEASE]

December 30 – County government has again received a clean opinion from independent auditors.

The annual audit examines financial statements to ensure they are presented fairly in all material aspects and in accordance with generally accepted accounting principles. This year’s report found no inconsistencies or discrepancies in Sweetwater County ledgers.

As for overall financial health, the audit noted a decrease of $8.97 million in net position. However, a lion’s share of that is attributed to market forces beyond anyone’s immediate control, as well as legislative changes to the way ad valorem mineral taxes are collected and distributed across Wyoming.

Advertisement 

Accounting Manager Bonnie Berry said revenues for the new fiscal year are already on the rise, suggesting recent declines – thanks largely to the pandemic and global financial markets – are perhaps finally in the rearview mirror.

“Market fluctuations and recent changes in Cheyenne have made some things on both sides of the budget equation very difficult to predict,” she said. “One important detail people should understand is this downswing has mostly been offset by an increase in supplemental grant funding from local recovery funds as part of the American Rescue Plan.”

Advertisement 

“We’re also fortunate to have a high balance in reserves – over $30 million. A strong balance in reserves has been essential over the last couple of years as we continue to adjust to these new realities,” Berry said.

Reflecting on the past but looking to the future, Commissioner Lauren Schoenfeld said, “Our staff has done an excellent job reducing expenses. While always a tall task, moving forward, we must continue to work together to identify worthy opportunities for growth, diversification, and strategic investments to increase cash flow and earnings while maximizing savings – all at a total cost tolerable to each of us as friends, neighbors, and taxpayers.”

Advertisement 

Advertisement 

Advertisement 

Advertisement 

Advertisement