Regardless of the pandemic — and Albemarle County ending fiscal yr 2020 with an working funds deficit — there’s nonetheless about $7.5 million that the county has accessible for future makes use of.
On Wednesday, the Board of Supervisors acquired a draft of the Complete Annual Monetary Report for the fiscal yr that resulted in July.
In an interview previous to the assembly, Albemarle’s Chief Monetary Officer Nelsie Birch mentioned that the county had to make use of $1.2 million from its basic fund fund steadiness to cowl working prices, which leaves the county with about $7.5 million for one-time makes use of.
“We don’t must spend it, and fairly frankly, proper now, from a monetary administration perspective, it could be very prudent for us to not spend it due to the place we’re,” she mentioned.
Earlier this yr, the county made some cuts and froze positions to assist meet anticipated income shortfalls in fiscal yr 2020.
“If we might not have managed spending like we did, you most likely would have seen us use your complete fund steadiness, as a result of revenues simply plummeted in that final quarter,” Birch mentioned.
County employees didn’t suggest any makes use of for the funds, however will focus on it with the board in the course of the fiscal yr 2022 funds course of.
“Proper now that’s staying in fund steadiness, till such time as we resolve, working with the board, the place we’re comfy, however the very first thing is, we’re not doing something till after the January evaluation, till we perceive how low are we going economically,” she mentioned.
— to dailyprogress.com
The post Despite revenue plunge, Albemarle carries $7.5M fund balance | Local Government appeared first on Correct Success.
source https://correctsuccess.com/financial-management/despite-revenue-plunge-albemarle-carries-7-5m-fund-balance-local-government/
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