AGENDA DATE: 11/20/2024
TITLE:
Title
FY 25 First Quarter Financial Report
BODY
SUBJECT/PROPOSAL/REQUEST: FY 25 First Quarter Financial Report
ITEM TYPE: Consent Information Item
STAFF CONTACT(S): Richardson, Sumner, Bowman, Davidson, Vinzant, Rakes, 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, 2024 through September 30, 2024. 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 Quarterly Financial Report (Attachment A)
The General Fund Quarterly Financial Report reflects year-to-date (YTD) data from July 1, 2024 through September 30, 2024, the end of the first quarter (Q1) of FY 25. Highlights from the Quarterly Financial Report include:
- Year-to-date total revenues in Q1 of FY 25 were $32,079,287 compared to $30,191,738 in Q1 of FY
24. In percentage terms, FY 25 YTD actual revenues as a percentage of FY 25 Revised Budget
revenues were 7.4%, compared to 7.4% in FY 24.
- YTD total expenditures in Q1 of FY 25 were $95,372,963 compared to $85,693,763 in Q1 of FY 24. In
percentage terms, FY 25 YTD actual expenditures as a percentage of FY 25 Revised Budget
expenditures were 21.7%, compared to 20.9% in FY 24.
School Fund Quarterly Financial Report (Attachment B)
As requested by the Board, the Albemarle County Public Schools Quarterly Financial Report as of September 30, 2024 is included.
County Executive Approved Transfers (Attachment C)
The FY 25 appropriation resolution...
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