AGENDA DATE: 5/19/2021
TITLE:
Title
FY 21 Third Quarter Financial Report
BODY
SUBJECT/PROPOSAL/REQUEST: FY 21 Third Quarter Financial Report
ITEM TYPE: Consent Information Item
STAFF CONTACT(S): Richardson, Birch, Baber, Bowman, Vinzant, Taylor, Greene, Lian
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 Quarterly Financial Report for July 1, 2020 through March 31, 2021. This report includes budget-to-actual comparisons for the current year, a report of transfers authorized by the County Executive, grant activity, updated revenue and expenditure projections, 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 Quarterly Financial Report (Attachment A)
The General Fund Quarterly Financial Report reflects year-to-date (YTD) data from July 1, 2020 through March 31, 2021, the end of the third quarter (Q3) of FY 21. Highlights from the Quarterly Financial Report include:
* Year-to-date total revenues in Q3 of FY 21 were $171,151,555 compared to $166,705,874 in Q3 of FY 20. In percentage terms, FY 21 YTD actual revenues as a percentage of FY 21 Revised Budget revenues were 57.4%, compared to 54.6% in FY 20.
* Year-to-date total expenditures in Q3 of FY 21 were $211,128,863 compared to $219,720,457 in Q3 of FY 20. In percentage terms, FY 21 YTD actual expenditures as a percentage of FY 21 Revised Budget expenditures were 69.7%, compared to 70.8% in FY 20.
School Fund Quarterly Financial Report (Attachment B)
As requested by the Board, the Albemarle County Public Schools Quarterly Financial Report as of December 31, 2020 is included.
County Executive Approved Transfers (Attachment C)
The FY 21 appropriation resolut...
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