County to discuss audit Tuesday
Douglas County’s net pension liability rose $5.3 million last year, according to an auditor’s report up for discussion on Tuesday.
That pension liability for 2019 was $65.7 million, up from $60.4 million in 2018.
An independent audit performed by Eide Bailly Public Accountants will be presented at a joint meeting of Douglas County commissioners and the Douglas County Audit Committee 1 p.m. at the historic Douglas County Courthouse in Minden.
According to the county’s comprehensive annual financial report, the pension accounts for good portion of the county’s $119.2 million in long-term liabilities.
The county also has $36.59 million in bonds and notes payable and $11.9 million in other post employment benefits.
According to the report, as of June 30, 2019, the county had total assets of $357.4 million.
The county had $125 .5 million in total revenues, up $16.4 million from the previous year, with $105.4 million in total expenses.
The county’s general fund received total revenues of $49.9 million during 2019, and expended $42.5 million.
The audit committee was formed in the wake of the 2017 revelation that a county employee managed to steal more than $1 million over the course of six years.
As part of its efforts to prevent future thefts, the county has overhauled its procedures so employees can’t create or make changes to the list of existing vendors.
County officials are revising its procurement policies, which should be completed by June 30, which is the end of this fiscal year.
In all other issues raised by the auditor, county management agreed and is working to correct them.