Keeping the books

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.