Bamberg, South Carolina (May 2020) – At the May 18, 2020 Bamberg County Council meeting, the Accounting Firm of Love, Bailey, and Associates announced that Bamberg County earned an Unmodified Opinion (clean) on the county’s financial audit for the Fiscal Year 2018 – 2019. An unmodified opinion indicates that the independent auditors found the county’s financial statements are appropriately presented and are in compliance with generally accepted accounting principles; it is the best opinion a county government can earn.
The unmodified opinion on the Fiscal Year 2019 Bamberg County audit marks the fifth consecutive year the county has earned an unmodified opinion on its audit; all auditor opinions on county financials between 2009 and 2015 were either adverse or qualified. An unmodified audit is important to county finances because it demonstrates good fiscal stewardship, impacts the county’s borrowing ability and interest rates, instills a sense of pride in elected officials, staff, and citizens, is an important measure of financial stability, and confirms confidence in county management.
While the entire audit and a summary can be found on the Bamberg County website, some highlights include an increase of the general fund balance by $411,084 to $3,309,287. The increase is the result of revenues that were higher than predicted and management exercising good stewardship to keep expenditures below the budgeted levels. Additionally, the county added over $1.8 million in Capital Assets in Fiscal Year 2019 to include improved buildings, machinery, equipment, and infrastructure.
“We are proud of the county’s efforts to earn an unmodified audit,” stated Joey Preston, Bamberg County Administrator. “Over the past several years, the finance department has worked diligently to improve the county’s financial procedures, policies, and planning. The county earned an unmodified audit with a different accounting firm prior to this year, and that a new firm evaluated the financial statements with the same findings further validates our efforts toward improvements. Additionally, the increase in fund balance to over $3.3 million, indicates that the difference between the county’s assets and liabilities is positive and puts the county in a strong financial position.”
Click here for a copy of the Bamberg County FY 2019 Audit and click here for a summary of the FY19 Audit.