The Goochland County audit committee meeting on Tuesday,
November 26 was followed by a special called meeting of the Board of
Supervisors. Both sessions focused on county fiscal matters. Mike Garber, a
principal with the Harrisonburg based firm of PBMares, retained by the county
to prepare the certified annual financial report—the annual audit—presented the
report first to the audit committee and then to the full board.
State law requires CAFRs to be completed and approved by November
30. Garber said that, as far as he knows, Goochland is the only jurisdiction in
the Commonwealth to hold special meetings to approve the CAFR on time.
For the second year in a row, Garber reported, Goochland has
a “clean” audit, finally earning the county the “low risk auditee” designation.
This is the result of hard work and careful attention to best financial
practices after years of dreadful dysfunction. The clean audits are the result
of hard work and a commitment to public service by everyone involved, including
county, school division, and constitutional officers.
The county and our school division have earned national
recognition for their financial reporting for several consecutive years and are
on track for future reporting laurels.
In addition to the audit, PBMares offers comments and suggestions
for improvement. Garber said that “it is great to come into an entity of this
size and find no issues.” The overall audit results included unmodified opinions
on basic financial statements of the county and “component unit school board”; unmodified
opinion as required under Government Auditing
Standards as of and for the year ended June 30, 2019, and audits completed as planned; no significant changes to the PBMares
approach were required.
The PBMares report stated that there were no disagreements
with management; no significant difficulties were encountered in performing the
audit and there was good cooperation and complete access to all information
required.
The FY 2019 CAFR demonstrates the county’s commitment to good
stewardship of public funds.
A resolution authorizing issuance of a series of bonds by
the county to partially refinance some of the Tuckahoe Creek Service District
bonds was unanimously approved by the supervisors. Recently, the Virginia Resources
Authority and the county’s financial advisor, PFM Financial Advisors, LLC,
advised that, based on current favorable market conditions, the county might realize
favorable financing terms for a potential refunding of the 2012 County Bonds,
either by the sale of the water and sewer bonds to VRA in a stand-alone VRA
issuance of refunding bonds, or the sale of the county’s local bonds to VRA pursuant to a local bond sale and
financing agreement related to or as part of the Virginia Pooled Financing
program. The resolution positions the county to take advantage of favorable market
conditions should they exist in early 2020.
Essentially, as interest rates are falling, the county could
save money on refinancing a portion of the TCSD debt. This resolution authorizes
a detailed investigation of refinancing options. An additional resolution on a specific
course of action will need to be approved by the supervisors for any refinancing
restricting to go forward. This could take place as early as February 2020.
District 5 Supervisor
Ken Peterson explained that the county would move forward with the 2020
refinancing only if the net present value savings are at least three percent. Barbara
Horlacher, county director of finance said that the move would need to realize
a savings of at least $3 million to go forward. Any refinancing said Peterson, will “stay
within the guardrails” of the current financing and will not extend the life of
the bonds.
Horlacher shared the FY 2020, which began last July 1, first
quarter projections. So far, the reports show a surplus just south of $3
million. This is the result of revenues
exceeding budgeted amounts. The next quarterly report will be made in February.
Between the audit committee meeting and the board meeting,
Goochland Fire-Rescue Chief D. E. “Eddie” Ferguson, Jr. and fire-rescue crews
showed off the county’s newest ambulance equipped with four-wheel drive and motorized
stretcher lifts welded to the ambulance frame for added patient safety. Two new
emergency response vehicles equipped with a wide array of life-saving gear that
enables providers to begin treating patients before the ambulance arrives and a
new chief’s car were also on display. The most important part of EMS is still
well-trained providers.
Motorized stretcher lift prevents injuries to providers and is more secure for patients. |
Fire-Rescue Chief Fergsuson 's new ride is a mobile command center |
New ambulance |
Emergency response vehicle equipped to save lives . |
Recently reelected Monacan Soil and Water District Director Jonathan
Lyle announced that he will pay a bounty of $10 per sign for any of his “keep
Goochland Rural” campaign signs that have not been picked up to the Goochland
Christmas Mother.