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Davenport tells Rockbridge supervisors county finances strong but spending growth outpaces revenue
Summary
Davenport, the county's financial advisor, told the Rockbridge County Board of Supervisors at a work session that reserves and debt metrics are healthy but operating expenditures have recently grown faster than revenues, creating affordability questions for future capital projects.
Davenport, the county's external financial advisor, presented an annual financial review to the Rockbridge County Board of Supervisors during a work session, saying the county's reserves and debt profile put it in a strong fiscal position but flagging that operating expenditures are growing faster than revenues.
The presentation, delivered to the board and the finance committee, summarized peer comparisons, fund balance trends, debt capacity and affordability scenarios for planned capital projects, including school projects and a building referenced in the presentation as the HSS/DSS building.
Davenport highlighted that the county's fund balance is well above the board's 20% policy floor and “above 30%,” which the presenter described as a strong position. The consultant said recurring budget surpluses over the past five to six years support a pay-as-you-go approach that has averaged about $3,000,000 per…
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