Fisher County's annual financial report for FY 2022 revealed a positive financial position with no issues in the audit. Stacey McGee with Roberts and McGee CPA delivered the presentation to commissioners on Monday, reporting healthy finances overall as officials prepare for the upcoming budget cycle.
McGee commended the county's financial accountability practices and its implementation of various changes that contributed to a smooth annual financial report audit. The report, which covers the period from September 2021 through September 2022, showed no findings, issues, or disagreements with management.
Reviewing the combined balance sheet of all the county's various funds, the statement of net position reflected a total $8.1 million for Fisher County. This net position is comprised of cash and cash equivalents of $4.6 million, an increase of over $660,000 from the previous year. Additionally, the unrestricted net position was $4.2 million, an increase of roughly $600,000 compared to last year.
The county's general fund ended with over $2.7 million in cash, an increase of over $480,000 in 2021. Meanwhile, the road and bridge fund saw a more than $144,000 increase, ending 2022 with over $741,000.
Moving into the current fiscal year, the county carried a debt of more than $5.1 million, with the majority of its debt service continuing to be the repayment of bond obligations issued for the construction of the county's law enforcement center in 2015. However, the county has reduced that debt by more than $400,000 from the prior year, with the remaining total at just over $4.6 million at the end of 2022.
One of the more complex aspects of the county's financial status has to do with its contribution to its retirees. McGee explained that the Texas County & District Retirement System (TCDRS) is partially driven by the market, which can be slightly misleading as they are reflective of actuary studies completed in calendar year 2021 when investments were doing well.
As of September 2022, the county had a net pension asset of more than $1,000,000, a significant increase from the previous year's net pension liability of more than $35,000. “We all know that in 2022 investments have not done well,” said McGee. “I expect next year that will be back to a liability.”
McGee also referenced over $500,000 categorized as 'unearned grant revenue,' which represents American Rescue Plan Act (ARPA) funds allocated to the county but not yet spent. “You only recognize those as income as they are being spent,” said McGee. The county ended the year with over $500,000 remaining.
Any increases the county saw to its bottom line were not due to tax increases receiving $20,000 less in tax revenues, generating roughly $3.2 million in 2022. This was partially offset by a roughly $18,000 increase in tax revenues for the road and bridge fund.
McGee noted how liabilities can vary depending on the time of year, but the ledger saw small little changes in liabilities during the year. The county ended with a fund balance in excess of $3.8 million, an increase of over $500,000 from FY 2021. “Overall, it was a healthy year for the county's finances,” said McGee.
With the solid financial news, officials are beginning to look toward the upcoming budget cycle, and with long-term infrastructure needs, increased costs of goods and services, combined with talks of new industry moving into the area, commissioners will have much to consider when budget talks begin in July.