Hall County Government has received a “clean/unmodified audit opinion” as a part of their Fiscal Year 2020 Audit and Annual Report conducted by Bates, Carter and Company.
“This is a testament to the quality financial stewardship and leadership our Board of Commissioners and Administrators provide to the County,” said Dena Bosten, Hall County’s Financial Services Director (pictured).
Among the highlights included in Hall County’s 2020 audit is the ratio of cash and investments versus liabilities. As of June 30, 2020, cash and investments for Hall County’s General Fund was approximately $20.7 million, which is 3.7 times the General Fund’s liabilities of $5.6 million. The Carl Vinson Institute of Government recommends General Fund cash and investments be two times the amount of liabilities.
In addition, unassigned fund balance in the County’s General Fund was approximately $21.2 million, or 21 percent of annual operating expenditures (the Carl Vinson Institute’s recommended unassigned fund balance percentage is 17 percent).
According to the audit report, General Fund revenues increased from the prior year in the amount of $5.4 million, while expenditures increased only $2.3 from Fiscal Year 2019. Additional audit highlights include an increase in Special Purpose Local Option Sales Tax Funds and fund balance.
A copy of Hall County Government’s 2020 Audit will be available on the Financial Services page of www.hallcounty.org at the end of the year.