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Board Receives FY 12/13 End of Year Financial Report

The Board of Supervisors today received the Unaudited Annual Financial Report for FY 13.  While the external audit of the County’s FY 13 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 actual revenues equaled $220,645,600 compared to $219,512,064 in revised budget revenues.  This difference of $1,133,536 was within 0.52% of budget.
  • This variance is well-within the 5% +/- range of forecasting that the Government Finance Officers Association (GFOA) considers reasonable.
  • Year-end actual expenditures equaled $214,363,907 compared to $218,653,826 in revised budget, meaning that year-end actual expenditures were under budget by 1.96%.
  • FY 13 year-end actual revenues exceeded FY 13 year-end actual expenditures by $6,281,693.  The majority of this amount reflects savings compared to budgeted expenditures, but also reflects a slight increase in revenues beyond what was budgeted.
    • Expenditure savings – Lower-than-expected expenditures resulted from a variety of factors including salary savings from vacancies and other operational cost savings.  Other saving resulted from a decline in Albemarle’s share of the regional jail population; unused contingencies; and other efficiencies.
    • Revenue increases - Revenue performance in FY 13 resulted from moderately improving economic conditions.  Year-end actual revenues in several categories came in above budget.  Growth in real property tax revenue and clerk fees reflected an improvement in the County’s housing market, as well as the addition of a substantial amount of new commercial space along the Highway 29 North corridor. Real property tax came in at 1.43% higher than budget, while clerk fees exceeded budget by 11.36%.  Other revenue streams that were greater than their budgeted amounts include personal property tax (+4.07%), sales tax revenue (+7.52%), and business license tax (+3.92%).
  • Consistent with best practices among AAA-rated localities, Albemarle takes a cautious, but reasonable approach in budgeting revenues and expenditures.
  • The County’s Five Year Financial Plan will include proposed uses for excess fund balance including the amount that will be committed to the County’s capital program in accordance with the Fund Balance Policy.

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