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Albemarle County Newsroom

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Board Receives FY15 Preliminary Unaudited End of Year Financial Report
10/7/2015

The Board of Supervisors today received the Unaudited Annual Financial Report for FY15.  While the external audit of the County’s FY15 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, including transfers in, equaled $241.9M compared to $243.2M in revised budget revenues.  This difference of $1.3M was within -.52% of budget.  Without transfers in, year-end actual revenues equaled $239.5M compared to $237.9M in revised budget revenues.  This difference of $1.6M was within 0.67% of budget.
  • These variances are within the 5% +/- range of forecasting that the Government Finance Officers Association (GFOA) considers reasonable.
  • Year-end actual expenditures, including transfers out, contingencies, and refunds, equaled $ 239M compared to $243.2M in revised budget expenditures, meaning that year-end actual expenditures were within -1.72% of budget.  Without transfers out, contingencies, and refunds, year-end actual expenditures came to $230.9M compared to $234.4M in revised budget expenditures.  This difference was within -1.51% of budget.
  • Including transfers, contingencies, etc., FY15 year-end actual revenues exceeded FY15 year-end actual expenditures by $2.9M. 
    • Expenditure savings – largely salary lapse (vacancy savings), fuel, equipment, and utilities.  
    • Revenue increases – mainly due to the tax rate increase adopted in April 2015, as well as better than expected performance of consumer utility taxes, and transient occupancy taxes.  
    • Revenue decreases – delinquent tax collections did not meet expectations, nor did sales and BPOL collections meet expectations.  A few other categories of revenue did not come to fruition as budgeted. 
  • 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 or other one-time uses in accordance with the Fund Balance Policy.
     

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