Fisher County officials reviewed the county’s annual financial report on Monday, which reflected a growing surplus, a manageable long-term debt, and a strong financial position moving into the current year’s budget cycle.
Stacy McGee with Roberts McGee CPA presented the county’s annual financial audit, reviewing the highlights of the county’s annual finances. She first conveyed the firm's opinion of the county’s fiscal accountability, stating it was a clean report requiring no modifications.
At the end of September 2023, Fisher County reported cash and assets of $6.7 million, which along with capital and other noncurrent assets totaled just under $15 million. The county’s combined ending fund balance was $6.1 million, of which 71% is unassigned and at the county’s spending discretion.
McGee pointed out that one area that a marked decrease was in the county’s net pension, which took a slight hit due to investments not performing as well in 2022. Nevertheless, McGee pointed out that despite the decrease, Fisher County still retains $338,000 to the positive.
“You still have net pension asset at the end of 2023,” said McGee, saying Fisher is doing better than many other counties that have a net pension liability.
However, McGee also noted in the report that investment earnings were a contributor to the only significant change compared to 2022. With the elevated interest rates during 2023, the county added roughly $80,000 to the county’s inflows.
The county’s outflows were also up about $120,000 by year’s end. Total expenditures came to just over $4.7 million in 2023, with revenues over expenditures ending at just over $1 million and contributing to a growing surplus. Fisher County retains more than 150% of annual expenses as operating equity.
As the county increases its fiscal cushion, it also continues to decrease its debt service. Issued in 2015, the county’s $6.7 general obligation bond typically has an interest rate between 2% and 3.1%. With semi-annual interest and principal payments, the county is on schedule to make its final payment in 2034.
Fisher County reduced that principal to roughly $4.3 million at the end of 2023. Along with the bond repayment, the county continues to pay on other longterm notes with combined principals of less than $200,000.
Following along, the commissioners asked few questions at the conclusion of the report. Fisher County is currently working through FY 2024’s roughly $6.4 million budget cycle, which officials anticipate ending in a slight surplus at year’s end.