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Spotsylvania finance director reports $19.8 million net increase to general fund; investment returns drove large share
Summary
The county closed FY 2024 with a $19.8 million net increase to the general fund balance, driven largely by investment returns and a real‑estate tax increase; staff forecast a similar midyear surplus for FY 2025 and flagged monitoring of the federal funds rate.
Spotsylvania County finance staff reported that fiscal year 2024 closed with a net increase to the general fund balance of $19.8 million, driven mainly by strong investment returns and a real‑estate tax rate change approved in April 2024.
Becky, the county finance presenter, told the board the FY 2024 amended revenue budget totaled about $358 million and actual revenues were roughly $372 million, producing a surplus on the revenue side. Expenditures were below amended budget ($354 million actual versus $378 million amended), producing net positive…
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