Audit lauds Burnet County for financial position
BURNET — Burnet County Commissioners have accepted a glowing report on county finances from an independent auditor.
“The county has strong financial controls,” auditor Keith Neffendorf recently told the commissioners. “Basically, the county is in a good financial position.”
“And, we plan to stay there,” County Judge Donna Klaeger said.
Neffendorf, of the Fredericksburg-based Neffendorf, Knopp, Doss & Co. firm of certified public accountants, presented the Burnet County Comprehensive Annual Financial Report for fiscal year 2008-2009, which ended Sept. 30, 2009.
According to the report, the county showed net assets of more than $16.8 million by the end of FY 2008-2009.
“Any business would love to have that kind of financial shape,” Neffendorf said.
About 73 percent of county revenue came from property taxes during FY 2008-2009.
Although property appraisals rose 7.4 percent to about $4 billion, the commissioners maintained the tax rate of 36.27 cents per $100 of appraised property value during the fiscal year, the report said.
Also, the county maintained a fund balance of more than $3.8 million, slightly above 25 percent of what county officials were recommended to reserve on total expenditures of more than $15 million for general services, roads and bridges.
In addition, the county showed long-term debt of $6.3 million, below the maximum of $1 billion allowed by state law, which is 25 percent of the county’s total property valuation of $4 billion.
Also, the county expects to reduce long-term debt to about $1 million by 2016, the report said.
While he left the point unmentioned in the report, Neffendorf suggested commissioners release the Burnet Public Facility Corp. financial statement every month.
“It is not a major weakness,” Neffendorf said.
The PFC oversees financial operations of the Burnet County Jail, which is managed by the private firm Southwestern Correctional under supervision by the Sheriff’s Office.
Previously, the PFC has released statements every three months, said County Commissioner Bill Neve, also the PFC president.
However, Neve indicated the PFC could issue monthly statements.
“We will give the auditor what the auditor wants,” he said.