Subject:
Title
8:30-9:00 Presentation of the 2025 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, 2025. The Town of Vienna continues to be fiscally sound.
On December 8th, 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, 2025 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 $76k or 1.3 percent. The increase in unassigned fund balance was due to favorable sales tax and business license taxes to budget. General fund expenditure pressures included low staffing vacancy rate and one-time costs associated with the Town's vehicle replacement program. The Town also saw health insurance costs increase for the first time in several years.
The Water and Sewer Fund's net position increased by $3.2 million, or 10.9 percent. Most of the increase was due to capital investments in water and sewer infrastructure, and favorable operating expenses.
Pension funds showed a 7.5 percent increase in assets from 2024 due to an increase in both employee contributions and investment income.
The Debt Service fund balance reduced by $111k during the year mainly due to continued payments on older bonds. Meals tax receipts, which make up most of the revenue for...
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