AGENDA DATE: 5/15/2024
TITLE:
Title
FY 24 Third Quarter Financial Report
BODY
SUBJECT/PROPOSAL/REQUEST: FY 24 Third Quarter Financial Report
ITEM TYPE: Consent Information Item
STAFF CONTACT(S): Richardson, Sumner, Bowman, Davidson, Vinzant, Gardner, Greene, Huff
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, 2023 through March 31, 2024. This report includes budget-to-actual comparisons for the current fiscal year-to-date (through March 31, 2024), 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 Quarterly Financial Report (Attachment A) The General Fund Quarterly Financial Report reflects year-to-date (YTD) data from July 1, 2023 through March 31, 2024, the end of the third quarter (Q3) of FY 24. Highlights from the Quarterly Financial Report include:
Year-to-date total revenues in Q3 of FY 24 were $229,309,803 compared to $207,807,529 in Q3 of FY 23. In percentage terms, FY 24 YTD actual revenues as a percentage of FY 24 Revised Budget revenues were 55.6%, compared to 56.8% in FY 23.
Year-to-date total expenditures in Q3 of FY 24 were $281,482,643 compared to $254,148,853 in Q3 of FY 23. In percentage terms, FY 24 YTD actual expenditures as a percentage of FY 24 Revised Budget expenditures were 66.6%, compared to 67.3% in FY 23.
School Fund Quarterly Financial Report (Attachment B)
As requested by the Board, the Albemarle County Public Schools Quarterly Financial Report as of March 31, 2024 is included.
County Executive Approved Transfers (Attachment C)
The FY 24 appropriation reso...
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