Tooele Transcript Bulletin – News in Tooele, Utah

July 9, 2020
County gets clean audit

General fund balance grows 

Tooele County’s external auditors gave the county a clean bill of health.

Jon Haderlie, of Larson & Company, a Spanish Fork-based CPA firm, told the  County Commission that the firm’s report on the county’s financial statements for the 2019 year was “unqualified,” or the best report possible.

Haderlie presented the annual audit findings during the County Commission’s July 7 meeting.

Larson noted that no “material weaknesses” were found and all funds ended the year with positive fund balance.

But he did have a few suggestions.

Larson said that the county should identify all future potential capital projects that fund balance is being reserved for and then transfer those funds to the capital projects fund.

“The capital projects fund is where the funds for those projects should be held and the capital projects fund should have very little balance, except for those projects,” he said. “Even if they are three to five years out.”

He also noted that two out three of the business type funds ended the year with a loss — the Deseret Peak Fund and the Airport Fund.

“As an auditor we like to see that these business-like funds are generally self sustaining, ‘’ he said.

Deseret Peak had revenues totaling $436,425, an increase of $7,702 over the previous year. Expenses for Deseret Peak, including depreciation of $705,738, totaled $2.0 million.

Airport revenues and grants totaled $6.2 million, an increase of $1.7 million. Airport expenses totaled $6.3 million, including depreciation of $1.7 million. The Airport Fund has a balance more than sufficient to cover the difference.

Tooele County’s general fund balance increased by $7.4 million from $27.2 million to $34.6 million. Part of that increase was from the sale of the Utah Motorsports Campus.

Larson noted there were some issues of budgetary compliance, expenses being recorded prior to approval, but the amount of the funds involved did not rise to the level of a material weakness, like it did in past years’ audits.

“Any time you see a movement away from a material weakness it is a significant accomplishment,” Larson said.

He said some of those issues have already been corrected and he doesn’t think it will be an issue next year.

The audit also concluded that the County was in compliance with state code and all material requirements that the state auditor requested to be checked for the audit year, Larson said.

 

Tim Gillie

Editor at Tooele Transcript Bulletin
Tim has been writing for the Transcript Bulletin since October 2017. In February 2019 he was named as editor. In addition to being editor, Tim continues to write about Tooele County government, education, business, real estate, housing, politics and the state Legislature.A native of Washington state and a graduate of Central Washington University, Tim became a journalist after a 20 year career with the Boy Scouts of America.

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