Dillon County Council Receives Audit

By Betsy Finklea
The Dillon County Council received their audit for the year ending June 30, 2017.
The audit was performed by Sheheen, Hancock, & Godwin, LLP.
The county received an unmodified opinion, which is the highest rating they can receive. The auditor noted that these numbers are a year past and would be vastly different today.
The county’s total assets are a little over $9.2 million. Their liabilities are $3.8 million. This leaves a fund balance of $5.3 million.
The unassigned/unreserved fund balance is $4.6 million. The auditor said the rule of thumb is to have 3-6 months in reserves, and $4.6 million is a little less than three months in reserves so they were on the low end.
The revenues were 18.8 million. The operating expenses were 22.6 million and other financing sources were $3.3 million. This left a negative change of $579,000.
In comparison with the budget the revenues exceeded the budgeted amount by $428,000. Expenses were under budget by $305,000. Other financing sources were under budget by a little over $4,000.
He said it was a pleasure working with the county, and he looked forward to working with them.

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