Subject:
Title
Presentation of the 2024 Annual Comprehensive Financial Report (ACFR)
Body
DATE(S) OF PRIOR COUNCIL CONSIDERATION OF THIS ISSUE: N/A
EXPLANATION AND SUMMARY:
The Town Code of the Town of Vienna, Chapter 6, section 1, requires that the Town Treasurer arrange for an annual audit of Town books and records. Robinson, Farmer, Cox Associates has completed the audit for the year ended June 30, 2024. The Town of Vienna continues to be fiscally sound.
On December 9th, Robinson, Farmer, Cox Associates will present the Town's Annual Comprehensive Financial Report (ACFR) at the Council meeting, complying with the state code requirement in chapter 15.2-2511 to present the report to the governing body by December 31 of each year. The report for the fiscal year ending June 30, 2024 is "presented fairly, in all material respects ...and in conformity with accounting principles generally accepted in the United States," according to Robinson, Farmer, Cox Associates.
The Town ended the fiscal year in financially stable condition. The General Fund's unassigned fund balance increased by $318k or 5.6 percent. This was mainly due to increased real estate tax assessments, sales taxes and business licenses coming in favorable to budget in total, in addition to increased revenues from continued high interest rates. Expenditures increased slightly due to planned salary increases, increased insurance costs and higher snow removal costs than in 2023.
The Water and Sewer Fund's net position increased by $2.7 million, or 10.1 percent. Most of the increase was due to capital investments in water and sewer infrastructure, totaling $4.4 million.
Pension funds showed a 3.3 percent increase in assets from 2024 due to an increase in both employee contributions and investment income.
The Debt Service fund balance increased by $90.4k during the year mainly due to decreasing interest payments on older bonds, plus revenue growth. Meals tax receipts, which make up most of t...
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