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Board Receives FY14 Preliminary Unaudited End of Year Financial Report

The Board of Supervisors yesterday received the Unaudited Annual Financial Report for FY14.  While the external audit of the County’s FY14 Comprehensive Annual Financial Report is still a work in progress, staff believes that the information presented is materially correct and accurate. 

The following are highlights from this report:

  • Year-end actual revenues equaled $231,623,131 compared to $233,370,796 in revised budget revenues.  This difference of $1,747,665 was within 0.75% 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 $230,311,481 compared to $233,370,796 in revised budget expenditures, meaning that year-end actual expenditures were within 1.31% of budget.
  • FY14 year-end actual revenues exceeded FY14 year-end actual expenditures by $1,311,650.  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 savings include unused contingencies and other efficiencies.
    • Revenue increases - Revenue performance in FY14 resulted from stable economic conditions.  Growth in real property tax revenue and clerk fees reflected an increase to the RE tax rate of 3.3 cent and modest improvement in the County’s real estate market.   Real property tax actual revenue came in at 4.41% higher than budget, while clerk fees exceeded budget by 29.57%.  Other revenue streams that were greater than budgeted amounts include sales tax revenue (+4.81%) and Federal categorical aid (+15.13%).
    • Revenue decreases - While year-end actual revenues in several categories were above budget there were certain revenues below budget, namely, personal property and vehicle license revenues.  These two revenue streams were temporarily negatively impacted by efforts to implement the new revenue administration system, PCI.  Supplemental bills have been issued to owners of vehicles garaged in Albemarle since mid-February that were not billed during this period.  These revenues will be credited to FY15, bolstering the PP revenue for the current fiscal year. 
  • 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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