County earns a perfect audit score

Lawrence County Government is pleased to announce that the audit results for the year ending on June 30, 2016, reveals the county to be in strong financial shape and under strong financial management.

The audit report, which is prepared by the Office of Comptroller with the State of Tennessee, shows Lawrence County Government to have no (0) findings this year representing one of the best audits in county history and one of the best for any county in the state this year.

By comparison, last year the county only had one (1) finding in their yearly audit, three years ago the county had four (4) findings and a decade ago the county had eleven (11) findings. County officials say they are proud of the demonstrable progress that has been made in the financial management of the county over the past several years.

Officials say the perfect audit is a result of the leadership and dedication of the Accounts and Budget Office as well as each department in the county, at ensuring taxpayer dollars are being spent efficiently and in accordance with the law.

Lawrence County Government is under the 1957 Fiscal Control Acts, which governs accounting, budgeting, and purchasing practices for all departments, excluding schools. Another factor that has improved accountability and the quality of services provided to the citizens of Lawrence County is the formation of a county Audit Committee.

The Audit Committee provides an independent review and oversight of the county’s financial reporting processes and the county’s internal controls, a review of the external auditor’s report and follow up on management’s corrective action, and compliance with laws, regulations, and ethics.

Lawrence County operates on a $75+ million budget that incorporates twelve funds that provide services throughout the county. These funds include general administration, public safety, solid waste, industrial development, public works, debt service, capital projects, schools, and homeland security.

Due to continued strong financial management, the county has an A-1 rating from Moody’s Investors Service. The county retires approximately $4,000,000 in debt annually, which continues to improve the County’s financial position.

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Tennessee Comptroller Justin P. Wilson is pleased to announce that Lawrence County government has achieved a distinctive honor.

Lawrence County has received a clean audit report for the fiscal year ending June 30, 2016. This means the county’s audit report was completed without any findings. Very few counties can claim to have an audit report without a finding indicating weaknesses or deficiencies in government operations.

The audit of Lawrence County revealed a strong system that allows for accurate financial reporting and clear checks and balances that help protect taxpayer money. Lawrence County residents should be encouraged that county leaders and elected officials are taking their responsibilities seriously.

Lawrence County has consistently improved its audit results over the last few years. The fiscal year 2014 report had two findings, and the fiscal year 2015 report had one. These problems have now been corrected.

“A clean audit report is a strong indicator of good government,” said Comptroller Justin P. Wilson. “Lawrence County can now claim to have one of the strongest county governments in Tennessee. I’d like to congratulate county leaders and employees for this accomplishment.”

Lawrence County joins Bedford County and Unicoi County in receiving a clean audit report for fiscal year 2016. The Comptroller will continue to release fiscal year 2016 audits through March of 2017.

View the full Lawrence County Audit Report at http://www.comptroller.tn.gov/la/