For the First Time this Century, Cibola has Zero Audit Findings
On April 24, the Cibola County Board of Commissions held a meeting to discuss the audit and finances.
The county received a clean audit on its financial statements for the year ending 2024, as well as a clean audit opinion on its single audit, which covers all federal awards and grants. Cibola County achieved a clean audit for the first time since 1998, which serves as a testament to positive financial management.
“Everybody has really done a great job. We made history today.” Father Matthew Keller stated.
The annual audit report, presented during the meeting, showcased the county’s financial health and compliance with federal funding regulations. Notably, the audit found no significant findings, which is a remarkable achievement. The report also commended the efforts of the finance department and commissioners in addressing previous issues and enhancing financial management.
The audit process, which involved collaboration with various departments and adherence to strict budgetary guidelines, played a crucial role in ensuring the county’s financial stability and eligibility for future funding.
In terms of financial results, the county’s net position increased by $6.1 million, resulting in a year-end balance of $39.4 million. However, the confidential statement experienced a $5.4 million decrease, leaving the ending fund balance at $34.9 million.
According to Juan Garcia “This is a good number base.”
In response to the audit findings, the single audit for 2025 will be increased to $750,000. The audit report covers the general fund and all non-major special revenue funds, excluding the latcf grant, detention fund, and CPF.
Two findings from the previous year, related to cash rate consolation and cash adjustments, were addressed in this year’s audit. The cash adjustment finding, which involved reconciling beginning, activity, and ending numbers, has been resolved. Reconciliation for the main company and tax-operated account will be complete by November 30th.
It was discovered that there were discrepancies in reconciliations, including cleared items that shouldn’t have been and missing credit card payments. This prompted them to emphasize the importance of timely reconciliations.
The speaker is currently working on reconciling financial records but is encountering challenges in comprehending and rectifying errors made by someone else.
Despite these difficulties, the speaker has made significant progress in reconciling the records, reducing the discrepancy to $286 and providing explanations for the remaining differences.
Additionally, the insurance coverage for the Commissioners was adjusted from individual policies to a single policy of $250,000.
Overall, the positive outcome of this year’s audit, with no significant findings, is the county’s financial success. The commission’s achievement was made possible by securing funding and projects, as well as the difficult decisions made, including budget cuts, to achieve their goals. Furthermore, the implementation of stricter budgetary controls, particularly in areas like nickelode, has helped ensure financial stability.
The county has made substantial progress in financial management, resulting in improved budgeting and spending practices.
Cibola County’s financial management having been recognized with a clean audit, reflecting strong financial practices. The county’s GRT and property tax collections are in track, and investments are generating revenue and the reconciliation issue has been identified and is being addressed by staff.
In addition to reconciling financial discrepancies, the county is implementing a new policy for vehicle maintenance. They have secured funding for electric vehicles and ambulances, and are working on purchasing three vehicles before July to avoid potential tariff increases. Furthermore, the county is prioritizing essential expenses based on available revenue and is developing an interim budget.
The fiscal year 2024 audit was approved as the inaugural item of new business.
Robert Windhorst said “I think you’re all doing a wonderful job.”
Upcoming
May 2nd & 3rd: A music festival is being organized as a fundraiser for St. Theresa School. Over the course of two days, the event will showcase a diverse range of performances, including a car show and various vendors. With the support of the community, sponsorships, and ticket sales, the organizers are hoping to attract at least a thousand attendees and raise funds for the school.
April marks Child Abuse Awareness Month, and the department has forged a collaborative partnership with Grant’s Head Start and Laguna Social Services to raise awareness about this critical issue.