Luzerne County government brought in $307 million last year and spent $302 million, according to the 2024 audit released Monday.
After other positive and negative financing sources were factored in, the $5 million surplus increased to $6.77 million, it said.
Despite net gains overall, the general fund operating budget portion sustained a loss, the audit indicates.
General fund expenses exceeded revenues and other financing by $1.79 million in 2024, it said. As a result, the year-end surplus balance carried on the county’s financial books decreased from $28.8 million on Dec. 31, 2023 to $27 million on Dec. 31, 2024.
The county has operated without a real estate tax increase in 2024 — the year covered by this audit — and 2025.
Pension fund
The county ended 2024 with a net pension liability of $94 million, which was an improvement from the $108.7 million reported in the prior annual audit and the $115.8 million recorded in 2022.
At the end of 2024, the employee pension fund held approximately $321.6 million in assets for future benefit payments and was 76.45% funded.
In comparison, the fund had a lower $299.4 million in assets and was only 73.8% funded at the close of 2023, the prior audit said.
These gains are occurring despite rising payments to retirees. The fund issued $24.7 million in payments to pension members in 2024, an increase from the $23.95 million paid the prior year, the audit said.
Debt
As regularly noted at county meetings, the county’s outstanding debt is shrinking.
The county will free up approximately $26 million annually after the debt is repaid in 2030.
A total of $129.9 million was owed at the end of 2024, compared to $151.2 million the previous year, according to the audit.
Reaction
County Budget/Finance Division Head Mary Roselle said the new audit shows the county is generally moving in a positive direction with an overall surplus, growth in the pension’s funded status and debt reduction.
“The county is in a good financial position,” Roselle said.
The administration has worked to cover rising operating expenses without a tax increase, she said.
When possible, the county has maximized interest earnings and offset the blow to the general fund using outside sources for qualifying expenses, such as funds from the federal American Rescue Plan Act, opioid litigation settlement and community development, she said.
“Thankfully other funds have become available to the county to help us hold taxes steady,” Roselle said.
A full presentation of the audit will be held at the July 22 county council meeting.
Prepared by CLA (CliftonLarsonAllen), the audit was completed by the June 30 county home rule charter deadline.
The 87-page audit is posted on the county budget and finance section at luzernecounty.org.
Reach Jennifer Learn-Andes at 570-991-6388 or on Twitter @TLJenLearnAndes.
