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Board Receives FY15 Preliminary Unaudited End of Year Financial Report

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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