New Mexico Tech’s rugby team was recognized by the Socorro County Commissioners on Aug. 9 for being a National Championship team.
Courtesy of Jennifer Montoya

Socorro County had a positive audit for the last fiscal year.

The 2020-2021 audit resulted in an unmodified opinion, the best opinion available, on the county’s financial statements. The Socorro County Commissioners heard the audit report, completed by Carr, Riggs & Ingram, at their regular meeting last week.

The audit found one material weakness for the county in reports on Internal Control Over Financial Reporting and Compliance and Other Matters. The auditors also gave an unmodified opinion on the COVID-19 Relief Fund and the Schools and Roads-grants to the state.

“I think the county’s got a pretty good bill of health there. Watching the cash balances increase the last couple of years, I think it’s a positive,” Alan Bowers, a partner at CRI, told the commissioners.

Over the last five years, the county’s net position is consistent, with a $2.1 million increase in 2021 due to revenue increases. The county has had a steady increase in assets over the last five years and total debt has been decreasing slowly over the same time.

For the fiscal year ending in 2021, the county had a total of $40.8 million in assets, $25.9 million in capital assets and $11.7 million in cash and investments. The county had a total of $19.1 million in liabilities.

The county’s total net position for the fiscal year was $3.7 million, and the unrestricted net position was $200,000.

Socorro County’s program revenues increased by $400,000 to $5.6 million. There were also increases in property tax revenue, gross receipts taxes and gasoline and motor vehicle taxes. There was a decrease in expenditures of $1.9 million from 2020 to 2021. The county’s total revenues were $15.3 million for the fiscal year while expenses were $12.2 million.

The general fund revenues continued to increase, which the audit report credits to property taxes, gross receipts tax and charges for services. Expenditures out of the general fund also continued to increase, with general government and public safety expenses. Cash increased from 2020 to 2021 by $2.2 million. The general fund’s total revenues for the fiscal year ending in 2021 were $8.5 million, while expenditures were $4.6 million. The general fund’s total cash and investments were $4.5 million.

Cathy Cook | El Defensor Chieftain Editor