Chesterfield County staff says $30M surplus will be split; $15M appropriation on consent agenda to offset June 5 tax bill

A county staff member identified in the meeting as Mr. Harris told the Chesterfield County board that the county set aside about $30 million in year‑end surplus funds and split that amount for two purposes: a one‑time, roughly 5 percent credit on the June 5 real property tax bill and $15 million reserved for capital needs.

Mr. Harris said the board’s consent agenda for tonight includes a straight appropriation of $15,000,000 that would be applied against the June 5 tax bill. He said no public hearing was required for that appropriation and that, if the governor’s budget holds as anticipated, the county should be able to carry out related budget “cleanup work” in May without wholesale changes.

The briefing placed the remaining $15 million on a separate path. Mr. Harris told the board the county will set a public hearing in May to consider amendments to the current fiscal‑year capital plan using that second $15 million. He identified active projects that would be candidates for the appropriation and singled out an HVAC replacement at the Chesterfield County jail as a headline item that needs funding.

Mr. Harris outlined a timeline of staff briefings for board members that will culminate on May 14 with an Audit and Finance Committee meeting where the public can discuss the proposed capital amendments before the May public hearing. He said the county normally closes its books in October, holds a work session in November and returns in December to make formal assignments or appropriations for surplus funds; this process is being advanced on the timetable he described for the current year.

Looking ahead to the end of the fiscal year, Mr. Harris said the board will take traditional year‑end actions in June, including assignments to the unassigned fund balance policy intended to move the county toward a 10 percent target. He also said school officials remain active in capital financing: the county is pausing new county bonds for a year but expects school bond approvals and potential issuance this summer if market conditions permit. He said the county is communicating with rating agencies now and could sell school bonds in July if market conditions hold.

Mr. Harris also reported the county is undergoing a “surveillance” audit tied to federal programs; staff have submitted information and the auditors are reviewing how market disruptions have affected budgeting and plans. He described the early signs from that review as “very positive.”

The update referenced a recent run of a busy finance calendar and noted that contract‑market pressures remain a challenge for capital projects. Mr. Harris invited questions at the end of the briefing; no formal vote or final action on the capital plan was recorded in the transcript provided.

Next steps described in the briefing: the board will act on the consent appropriation of $15,000,000 on tonight’s agenda; the county will hold member briefings and an Audit and Finance Committee meeting in May; a public hearing on capital plan amendments will follow in May; and routine fiscal‑year closeout actions and school bond approvals are expected in June–July, contingent on market conditions.