Medina County earns clean audit, reserve fund stands at $16.3 Million

By Anton Riecher
A representative for the accounting firm handling the 2024-2025 outside audit of Medina County finances praised officials for exceeding the recommended fund reserve to protect against unexpected economic emergencies such as the 2020 COVID pandemic.
John Manning with Waco-based Pattillo, Brown & Hill told county commissioners at their Monday meeting that the county collected nearly $1.3 million more in revenue than the amount budgeted. Also, the county spent less than the budgeted amount.
“So, really, all in all, the reserves of the county are really good,” Manning said. “The budgetary controls are really good.”
According to the Government Finance Officers Association, government entities should hold enough in reserve to fund operations for up to three and half months. Medina County has enough for seven and a half months ($16.3M), exceeding that standard reserve, Manning said.
The reserve fund balance for 2024-2025 just cleared a $16 million threshold, making it a very good year for the county, he said. Medina County, has nearly $35 million in total assests.
Manning’s accounting firm categorized the audit as “unmodified,” the highest level of assurance that the company can offer.
“It means that we did not need to modify our opinion for anything the county was doing incorrectly,” Manning said.
The bulk of the county’s cash holding is held in investment pools such as TexPool, serving more than 2,750 communities as the largest and oldest local government investment pool in the state. Auditors are able to get independent confirmation for those balances, Manning said.
Likewise, confirmation of money collected in ad valorem taxes comes straight from state tax system, he said.
“It’s very easy to look at what was levied, what was paid and what was left,” Manning said. “There’s just not a lot of risk there on the balance sheet.”
In other business, the commissioners voted unanimously to…LOGIN TO CONTINUE READING at www.devinenewsmembers.com. You will get instant access to our full E-edition, and begin getting the newspaper delivered to your home next week for $36 a year in Medina County. Support important local city, county, and school news like this!