THOMASVILLE- The County Commissioners’ Office received a draft of the 2022 Annual Financial Report from County Auditors, Lanigan & Associates, P.C. The audit will be presented and reviewed, as required by Georgia law, at the Board’s Finance Committee meeting on June 22, 2023 at 8:30 a.m. in the Commission Chambers of the Historic Thomas County Courthouse.

“The audit is for all practical purposes complete but requires Board review and acceptance before it can be finalized and submitted to the Georgia Department of Audits”, explained Finance Director Laura Nichols. “There are seldom any changes subsequent to the review”, she noted.

According to the report the County’s assets and deferred outflows exceeded its liabilities and deferred inflows by $115,573,853. Net investment in capital assets of $71,119,215 include property and equipment, net of accumulated depreciation, and reduced for outstanding debt related to the purchase of capital assets (no capital debt in 2022). Net position of $25,470,776 is restricted by constraints imposed from outside the County such as debt covenants, grantors, laws, and regulations. Unrestricted net position of $18,983,862 represents the portion available to maintain the County’s continuing obligations to citizens and creditors.

At the end of the current calendar year, unassigned fund balance for the general fund was $18,373,972 or 70.3% of the total general fund expenditures. The total ending fund balance for all governmental funds is $43,747,412. This is a decrease of $839,559 from the previous year. Capital asset events during the fiscal year included purchases of equipment, county road construction and improvements and purchases of property that increased capital assets by $2,657,795. The financial report further states, “overall, the County continues to maintain a strong financial position”.

“Accumulated fund balances serve as a buffer against adverse economic developments.

In the Great Recession of 2008, the County did not lay-off or furlough any County employees and no government services were eliminated or reduced”, observed County Manager Michael Stephenson. He added “if the current economic situation remains stable, and other financial factors are constant, I would not anticipate a property tax increase for the next three to five years”.

Representatives of Lanigan and Associates will be present at the Finance Committee Meeting to make the presentation to Commissioners. The meeting is open to the public. For more information, call Nichols or Stephenson in the Commissioners’ Office at 225-4100.