AGENDA DATE: 9/6/2023
TITLE:
Title
Fiscal Year 2023 (FY 23) Preliminary Year-End Financial Report
BODY
SUBJECT/PROPOSAL/REQUEST: Receive the FY 23 preliminary year-end financial report
ITEM TYPE: Consent Information Item
STAFF CONTACT(S): Richardson, Sumner, Bowman, Davidson, Vinzant, Greene, Gardner, Lin
PRESENTER (S): N/A
LEGAL REVIEW: Not Required
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: In accordance with the County’s Financial Policies, attached is the Preliminary Year-End Financial Report for July 1, 2022 through June 30, 2023. In preparation for the audit and the development of the Annual Comprehensive Financial Report, this executive summary provides the Board with high level preliminary unaudited information about FY 23. This report includes budget-to-actual comparisons for the current year, a report of transfers authorized by the County Executive, grant activity, and a report on County investments.
STRATEGIC PLAN: Mission - To enhance the well-being and quality of life for all community members through the provision of the highest level of public service consistent with the prudent use of public funds.
DISCUSSION:
General Fund Preliminary Year-End Financial Report (Attachment A)
The General Fund Preliminary Year-End Financial Report reflects preliminary unaudited data from July 1, 2022 through June 30, 2023. Due to the FY 23 Year End financial close and agenda packet publishing timelines, preliminary actuals are not available for this attachment at the time of publication. As the information becomes available, it will be included in Attachment A, prior to the September 6, 2023 Board of Supervisors meeting.
County Executive Approved Transfers (Attachment B)
The FY 23 appropriation resolution provides the County Executive with the authority to make various administrative budget adjustments during the year. Attachment B contains a list of these adjustments.
County Government Grants Report (Attachment C)
Pursuant to the County’s Grant Policy and associated procedures, staff provides periodic reports to the Board on the County’s application for and use of grants. Attachment C includes a brief description of the grant applications submitted and grant awards received from April 1, 2023 through June 30, 2023.
Investment Report (Attachment D)
Albemarle County invests excess cash on behalf of its funds and those of its fiscal agencies. The Q4 earnings were $1,741,000 in FY 23 compared to $189,000 in FY 22. Additional details are included in Attachment D.
BUDGET IMPACT: Revenues and expenditures data contained in the report reflects the preliminary year-end performance of the County’s FY 23 budget-to-actual comparison.
RECOMMENDATION:
Recommendation
These reports are for information only. Staff welcomes the Board’s feedback regarding the content and presentation of these reports.
ATTACHMENTS:
A - General Fund Preliminary Year-End Financial Report (to be provided after initial posting of agenda)
B - County Executive Approved Transfers
C - Grant Report
D - Investment Report