Bamberg, South Carolina (February 2023) – On February 6, 2023, Bamberg County Council met, and CPA Gary Bailey of Love, Bailey, and Associates and Controller Gina Smith presented the FYE June 30, 2022 County Audit Highlights.
Bamberg County earned an unmodified (clean) audit opinion for the eighth consecutive year, which demonstrates good fiscal stewardship and is the most important measure of financial stability. An unmodified audit positively impacts borrowing ability and rates, provides a sense of pride for elected officials and employees, and builds/confirms confidence in management.
In 2022, Bamberg County enjoyed a fund balance increase of $1,256,207, further demonstrating the Council and administration’s commitment to fiscal growth and responsibility while funding projects that not only improve the lives of Bamberg’s citizens but also generate substantial revenue for the entire County.
According to Controller Gina Smith, “Once again, Bamberg County has earned an unmodified audit opinion on our fiscal year-end financial statements. This exemplary result is achieved with a small but powerful team of employees who work diligently to follow appropriate financial policies, procedures and GAAP (Generally Accepted Accounting Principles). GAAP is a set of rules, standards, and procedures issued by the Financial Accounting Standards Board and the Governmental Accounting Standards Board. The ultimate goal of GAAP is to ensure that the County’s financial statements are complete, consistent, and comparable. I am proud to be a part of such a sincere, responsible, and successful team!”
County Council Chairman Jonathan Goodman II said, “Consistent clean audits are a testament to our Council’s dedication to keeping our financial house in order while continuing to better the lives of all Bamberg County constituents.”
According to County Administrator Joey Preston, “Bamberg County completed its 2022 audit prior to December 31, 2022—-earlier than ever before—-while several larger, surrounding counties were noted non-compliant on South Carolina Comptroller General Richard Eckstrom’s December 31, 2022 report.” Preston continued, “For Bamberg County to complete our compliant audit in record time with a limited budget and staff is extraordinary.”
County Councilman Evert Comer also expressed his pride in the 2022 audit: “Many may not realize the significance an unmodified audit has on Bamberg County’s ability to continue to do business everyday while still growing the County economically. Clean audits also help us provide our wonderful citizens with the services they need and enjoyment they deserve.”
A copy of the full presentation may be found here: https://bambergcountysc.gov/Data/Sites/1/media/fy22-audit-presentation.pdf