The results of an audit conducted by Creedle, Jones & Associates, P.C., revealed a significant increase in Henry County’s net position, growing by $24 million during the fiscal year (FY) 2024.
Kim Jackson, a representative from the accounting firm, presented the findings at the Henry County Board of Supervisors meeting on December 17.
Net position is a key financial indicator, representing an entity’s assets and deferred outflows of resources, minus its liabilities and deferred inflows.
A positive change in net position is often seen as a sign of financial health, and the audit results signal a solid footing for the county moving forward.
“These findings demonstrate that the county is on solid financial footing,” said Darrell Jones, Chief Financial Officer for Henry County. “While it’s important to stay vigilant about future trends and potential expenditures, these results reflect the effectiveness of the Board’s financial policies, investment strategies, and asset management.”
The audit highlights a few key factors contributing to the growth. A major contributor was the acquisition of the Monogram Foods Smith River Sports Complex. Additionally, the county successfully paid off a “balloon note” related to the financing of the Adult Detention Center (ADC).
This combination of asset gains and reduced liabilities played a pivotal role in the increase in net position.
The audit also revealed that the county’s unassigned fund balance increased by approximately $6 million, despite an overall decrease in fund balance of nearly $8.9 million. The decrease is primarily tied to the balloon note payment.
The unassigned fund balance, totaling $44.2 million at the end of FY24, is available for discretionary use by the county.
However, a self-imposed limit on the fund balance, implemented by the Board, restricts the amount of these funds available for spending. Only $17.3 million is currently available for expenditure, excluding any future debt obligations.
In addition to the financial report, the Board discussed several other matters during the meeting, including:
A resolution honoring Rita Shropshire for her 63 years of public service.
Updates to the Board's attendance policy, allowing for electronic participation in meetings.
Appropriations for vehicle purchases and overtime hours for the Department of Public Safety.
A contract award for five 2025 Ford Police Interceptor Utility vehicles for law enforcement use.
The setting of the 2025 Organizational Meeting date for January 6 at 1 p.m.
The Board also recognized the winning teams from the Parks & Recreation football and girls basketball seasons, as well as reappointing several members to various county commissions and boards, including the ANCHOR Commission and the Fire Code Board of Appeals.
In a final action, the Board executed a deed conveying 19.64 acres of property for Phase 6A of the Dick & Willie Passage, in compliance with the Land and Water Conservation Act of 1965.
The audit results and other actions reflect the county’s ongoing commitment to financial health, community service, and strategic planning for future growth.
Caption:Chief Financial Officer Darrell Jones reviews a draft of Henry County’s fiscal year 2024 audit, conducted by Creedle, Jones & Associates, P.C.
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