Cook County had a tremendous growth in the local government’s fund balance from 2015 to 2016, from $3.9 million to $5.1 million, says County Auditor Pat Ashley.
Ashley also described the fund balance to the County Commissioners at their Monday, Aug. 7, work session as the County’s “equity,” “surplus,” and “income in excess of expenditures.”
Ashley had reviewed county finances ranging from the general fund to the Special Purpose Local Option Sales Tax fund, from the enterprise funds to post-closure liabilities associated with the landfill, from local taxes to the jail fund. He represents the Meeks, CPA firm of Ocilla.
“That’s really good,” Ashley remarked about the fund balance. “Compared to some counties I’m familiar with, that’s outstanding. … You did a good job in keeping control of your expenditures, and you have increased your fund balance.”
County Commission Chairman Dwight Purvis asked Ashley if there is any area in which the County is weak so improvements may be made. Ashley replied that the county administration has received the“shortest management letter” that they have seen in a long time. “All in all, this County is in great shape,” he said. “There are very few problems to deal with.”
The County is doing well despite the big liability of landfill on the books, Ashley said, adding that the County doesn’t have the problem that some local governments do of a pension plan. “It is taking more and more money to fund those plans,” he said.
He urged the Commissioners not to be complacent about the strong fund balance and to stay on top of financial issues. “It doesn’t take a whole lot to turn things around,” he said.
“It is nice to have a cushion” to protect the County if the need for emergency funding arises, Chairman Purvis said.
Ashley’s auditing firm recommends a fund balance should be in the neighborhood of 25 percent of a county’s budget, and the Association County Commissioners of Georgia (ACCG) recommends a fund balance should be able to cover three months of a county’s operations. The fund balance should be set aside to cover unexpected costs such as from natural disasters.
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