RACINE – Racine County is pleased to announce the successful completion of its recent financial audit conducted by Baker Tilly, a leading accounting and advisory firm. As part of its annual obligations, the County underwent a comprehensive audit, which yielded outstanding results reaffirming its strong financial management practices.

One of the key highlights of the audit is Racine County's remarkable fund balance, a testament to its prudent fiscal management. This achievement has contributed significantly to the County's prestigious AA rating by Standard & Poor's, underscoring its sound financial health.

The Government Finance Officers Association (GFOA) recognized Racine County's commitment to financial excellence by awarding it the Certificate of Achievement for Excellence in Financial Reporting for the year 2021. This coveted award, now secured by the County for the 14th consecutive time, exemplifies Racine County's dedication to transparent communication, unwavering accountability, and remarkable financial stewardship. The County eagerly anticipates the 15th consecutive award, which is expected to acknowledge the exceptional accounting and financial reporting for the year 2022.

A key highlight from this year's audit includes Racine County's judicious debt management. The County has effectively managed its debt portfolio, with only $165 million in bonded debt of which $96 million is secured by the Village of Mount Pleasant TID 5. The remaining $69 million of debt is significantly below the statutorily established $1 billion threshold.

Furthermore, Racine County boasts robust reserve balances, exemplifying its prudent approach to financial planning. The County has adhered to its Fund Balance Policy, which mandates maintaining a balance between 16% and 25% of the next fiscal year's budgeted operating expenditures in the General Fund unrestricted fund balances. With a current fund balance at 25%, Racine County is ensuring its financial stability for the future.

County Executive Jonathan Delagrave expressed his profound appreciation for the hard work and dedication exhibited by the County's Finance Department, stating, "Our finance team’s dedication and commitment to excellence have been instrumental in achieving these strong financial outcomes. Their meticulous efforts reflect our County’s commitment to sound financial management, accountability, and transparency."