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Scott County receives clean audit for 2017

Holly Viers • Jan 10, 2018 at 5:00 PM

GATE CITY — Even with a new county administrator and other changes over the last year, Scott County still received a clean audit for 2017.

Ron Bostic, of Bostic, Tucker & Company, oversaw the audit and presented its findings to the Board of Supervisors last Wednesday. He said he found no issues and commended county leaders for doing a good job managing their finances.

“I was worried when you think about all that’s gone on in the past year with a new administrator … and new processes,” Bostic said. “I had alerted the people to be on guard and they were, because I found no exceptions to the internal controls. So that was a real plus.”

Bostic reported that the county’s general fund took in just over $24 million and around $18.9 million was spent. The county transferred about $5 million to the school board, which left a shortage of $73,000.

“I don’t know that you could’ve done a much better job managing your finances to come that close out of that much money,” Bostic told the board, adding that the $73,000 decrease in the fund balance was “immaterial, overall.”

Board Chairman David Redwine said the county general fund continues to hover around $4 million. He asked Bostic if that was a secure amount for a county that size and if it would be enough to cover emergencies.

“If you have more, you’re holding your citizens’ money for what reason?” Bostic said. “You need to balance, which you do, but you’re not in the business of hoarding money; you’re in the business of producing governmental services. So I think your fund balance is good. As long as you stay there, you’re financially in good position.”

 
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