Email Sign-Up
Sign up for A-Mail to receive news and updates.
Click here >>
RELEASE
brown-horizontal-line

Albemarle County Newsroom

brown-horizontal-line

Board Receives FY 11/12 End of Year Financial Report
11/7/2012

The Board of Supervisors today received the Unaudited FY12 Annual Financial Report .  While the external audit of the County’s FY12 Comprehensive Annual Financial Report is still a work in progress, staff believes that the information presented today is materially correct and accurate. 

The following are highlights from this report:     

  • Year End total revenues in FY 12 came to $219,190,219 compared to $215,377,074 in FY 11, an increase of 1.77%, or roughly in line with the 1.66% increase in the U.S. Consumer Price Index (CPI-U) during this time period. 
  • Overall actual revenues were within approximately 2% of what was budgeted for revenues in FY12.
  • In FY 12, the net impact of revenues over expenditures came in at $7,793,026, or 3.6% of budget. This excess reflects both expenditure savings and an increase in revenues beyond what was budgeted. 
    • Expenditure savings -  In FY 12 actual expenditures came in at approximately 2%  less than budgeted, resulting in savings of  $4,181,925 excluding transfers. Most of this savings was realized from open positions being unfilled for a period of time.  Savings were also realized from unused set-asides for such things as Board Contingencies, Job Opportunity Fund, Grants Leveraging Fund and potential CSA liabilities.
    • Revenue increase  - Increased revenues were mostly due to aggressive collection of delinquent taxes and corresponding penalty and interest fees.  The County significantly improved our percentage of current collections from 94.41% in FY11 to 95.43% in FY12, which resulted in additional collection of $2,251,200.  Without these additional delinquency collections, the County would have been within approximately one percent of the FY 11/12 budget.
  • The County’s five year plan will include a proposed use for the remaining excess fund balance, most of which will be recommended to address the County’s capital needs in accordance with County practices.

Return to Newsroom

 
Featured Events
Board of Supervisors Adjourned Meeting - Development Advisory Services Work Session
11/16/2017, 3:30 PM
Lane Auditorium (COB)
Places29-North Community Advisory Committee
11/16/2017, 6:00 PM
5th & Avon Community Advisory Committee
11/16/2017, 7:00 PM
Places29-Hydraulic Community Advisory Committee
11/20/2017, 5:30 PM
Planning Commission Meeting
11/21/2017, 6:00 PM
Lane Auditorium (COB)
Thanksgiving Holiday
11/22/2017, 12:00 PM
Various Locations

View All >>
 
Links of Interest