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File #: 24-166    Version: 1 Name:
Type: Report Status: Consent Agenda (no vote)
File created: 2/2/2024 In control: Board of Supervisors
On agenda: 2/21/2024 Final action:
Title: FY 24 Second Quarter Financial Report
Attachments: 1. Att.A - General Fund Financial Report, 2. Att.B - School Fund Quarterly Financial Report, 3. Att.C - County Executive Approved Transfers, 4. Att.D - Grant Report, 5. Att.E - Investment Report
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AGENDA DATE: 2/21/2024

TITLE:
Title
FY 24 Second Quarter Financial Report
BODY

SUBJECT/PROPOSAL/REQUEST: FY 24 Second 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 December 31, 2023. 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, 2023 through December 31, 2023, the end of the second quarter (Q2) of FY 24. Highlights from the Quarterly Financial Report include:
- Year-to-date total revenues in Q2 of FY 24 were $186,489,761 compared to $169,290,005 in Q2 of
FY 23. In percentage terms, FY 24 YTD actual revenues as a percentage of FY 24 Revised Budget
revenues were 45.2%, compared to 46.2% in FY 23.
- YTD total expenditures in Q2 of FY 24 were $174,204,243 compared to $158,530,562 in Q2 of FY
23. In percentage terms, FY 24 YTD actual expenditures as a percentage of FY 24 Revised Budget
expenditures were 41.2%, compared to 42.0% 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 December 31, 2023 is included.

County Executive Approved Transfers (Attachment C)
The FY 24 appr...

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