Keeping the books in a time of plague

 

Where does the money go?

There’s been a lot going on this year. “Normal” is but a fond memory as we try to cope with changes to all facets of our lives caused by Covid.

On November 24, the Goochland Board of Supervisors received the certified annual financial report (CAFR) for fiscal year 2020, which ended on June 30. This document, available in its entirety at https://www.goochlandva.us/ArchiveCenter/ViewFile/Item/1822 shows how the county, including the school division, dealt with the early onslaught of the pandemic.

In March, while the budget process for FY2021 was in full swing, the supervisors and school board recognized that the lockdowns could decrease expected revenues and amended the FY 2020 budget accordingly.

As the year wore on, the county’s fiscal outlook proved not to be as dire as predicted in the spring. Director of Finance Barbara Horlacher and Debbie White, her counterpart in the school division, went through their respective budgets line by line to identify non-essential items that could be cut to ensure that budgets would balance at the end of the fiscal year, as required by law, yet fund ongoing operations.

Monthly reviews during the ensuing months revealed that the revenue situation was not as bad as initially feared, allowing some of the cuts to be reversed. First half tax receipts came better than the four percent decline predicted in March.

County and school staff worked hard to continue to provide services in spite of budget cuts. Most county revenue is derived from real estate and personal property tax. The next payment is due on December 7—because the actual due date is December 5, a Saturday, the deadline is the following Monday.

Prepared by PBMares, the outside auditing firm retained by the county, the CAFR has a great deal of interesting information about Goochland, its history, current operations, and future capital spending plans.

The footnotes at the end provide a detailed explanation of revenues, their sources, and how they are used. They also provide information on pension liabilities and other post-employment benefits, including retiree health care plans and group insurance.

For the past several years, Goochland County, and our school division have been recognized for excellence in financial reporting by organizations of their peers. Riding herd on public money is an exacting task in normal times, and more complicated during the high weird of a pandemic.

Careful stewardship of public funds is the most important task of elected officials. They need to know that engaged citizens watch how their tax dollars are used. Pay attention.