14/02/2025
For those interested in analysis of the most recent KW Audit, I have included below the slides and emails shared with King William County BoS and Administration on 1/31/25.
The primary concerns show a lack of attention to detail that leads you to consider what more could be incorrect. Some of the observations included:
* Errors in the listing of Principal Officers for the fiscal year.
* $2.5 million in unreported expenses that were not publicly presented in the original budget or subsequent amendments.
* Lack of description or narrative regarding the “Split Levy.”
* A $66,000 expense discrepancy in contributions to the regional library, exceeding the appropriated amount and what PRL has reported.
* Inconsistent reporting of the number of KWC employees.
* Other observations related to deficiencies, future pronouncements, and contingencies outlined in the CAFR.
While there may be valid explanations for these concerns, I believe this further highlights the persistent issues in KW’s financial management. While I acknowledge improvements this past calendar year, I urge the Board and Administration to recognize that a local government audit does not carry the same level of scrutiny as a corporate audit and should not be considered an endorsement of our financial integrity.
Slides that follow: A preliminary review of the recently completed Annual Financial Report has revealed a variety of concerns, errors, and discrepancies in this audit. Some screenshots may appear small, but it is expected you have access to the original documents for reference as needed.