The Boone County Fiscal Court’s 2023/2024 budget has successfully passed an audit conducted by the Commonwealth of Kentucky’s state auditor’s office.
Kentucky state law requires the state auditor’s office to conduct an annual audit of each county fiscal court. The scope of the audit includes a review of financial statements, internal controls, legal compliance and federal fund usage.
Each year, Boone County begins its budgetary cycle in January, when county staff members meet with various department heads to discuss financial obligations. Boone County Administrator Matthew Webster and Treasurer Lisa Goetz present a final draft to the fiscal court by May 1.
A public hearing and first reading are scheduled for May, followed by revisions and a second reading in early June. The budget must be adopted by June 30 and then submitted to the Department for Local Government for final review and approval.
According to the published auditor’s report, the Kentucky Auditor of Public Accounts, Allison Ball, found no material weakness, no significant deficiencies, and no material noncompliance in Boone County throughout the 2023/2024 Fiscal Year, which officially ended on June 30, 2024. The audit was completed on June 5.
“In our opinion, the accompanying financial statements present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of Boone County Fiscal Court, as of June 30, 2024, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America,” read the report.
During a regularly scheduled meeting on July 8, Goetz informed the fiscal court that the county was found to be compliant by the auditors.
“The independent auditors’ report noted that the county was compliant,” she said. “No findings were noted. The audit also included an examination of the county’s $12.2 million in federal funds which we were in compliance with.”
As of June 30, 2024, Boone County’s governmental net position totaled $425.7 million, a $30.6 million increase, or 7.7% from the previous year, Goetz said. Total revenues saw an increase of $8.3 million, marking a 6.2% rise. This growth was partially fueled by a $1.86 million increase in occupational tax revenue and an additional $4.84 million from donated subdivision infrastructure.
Overall expenditures declined by $2.2 million, or 1.9%, resulting in a net positive change of $31.1 million before transfers.
Total program revenues increased by $6.1 million, or 13.9% compared with the previous fiscal year. The county’s net investment in capital assets stood at $325.24 million.
Boone County has four major funds: General, Road and Bridge, Utility Development, and Capital Improvement Funds. Combined, the fund balances reached $134.8 million, with $60 million, or 44.8% of the balances classified as unassigned.
The General Fund decreased by $5.6 million due to strategic investments in infrastructure and overall countywide improvements.
Looking ahead to the current fiscal year, which began only July 1, the auditor’s report concluded that Boone County’s local economy reflected signs of growth.
Boone County Judge/Executive Gary Moore complemented Goetz and the treasury department for their work.
“You’re correct that it was a clean audit with no findings, and that’s exactly what we want to see,” he said.
Read the auditor’s report below.
