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Preliminary FY2025: Revenues lower than amended budget; fund balance expected to rise modestly
Summary
Finance staff reported preliminary year-end numbers for FY2025: general fund revenues about $78.6M vs an amended budget of $84.1M, expenditures under budget, a smaller-than-planned draw on fund balance and a preliminary net increase in fund balance of about $888,000; auditors scheduled for October and December presentations planned.
Prince George County's finance director presented a preliminary year-end financial report for fiscal 2025 at the Sept. 23 board meeting that showed revenues below the amended budget but expenditures also under budget, producing a smaller-than-expected use of fund balance and a net increase to fund balance.
Finance Director Miss Drury said the county's amended FY2025 general fund budget totaled $84.1 million, including an $8.1 million planned use of fund balance. Actual general fund revenues collected were about $78.6 million (roughly 93.4 percent of the amended budget), leaving the county to use less fund balance than planned. On the expenditure side the county ended the year at about 95.7 percent of budgeted spending. Drury said that after expected school carryovers and adjustments, the county's preliminary net increase to fund balance was about $888,000.
Key highlights and items for board consideration included: - Real property tax collections were about $143,000 below budgeted expectations but in line with 2024 collections; there was no reassessment for FY2025. - Interest revenue and bank interest were stronger than budgeted; interest-on-checking produced about $265,000 after a banking change in January. - Some revenue sources fell short (state communications tax, EMS transport fees due to billing backlog and platform change, planning fees); other lines beat budget (permits, machinery and tools tax). - The report reiterated an outstanding capital need: the Parks & Recreation roof replacement identified earlier in the meeting, for which staff indicated a potential appropriation of up to about $1.12 million in a worst-case scenario. - ARPA spending was summarized: the county received approximately $7.449 million and obligated most for utility projects; remaining ARPA funds must be expended by the federal/state deadlines the county described.
Drury said auditors will be on site for final test work before Halloween and that audited financial statements are expected to be presented Dec. 9 with the statutory December 15 filing deadline. She also noted several pending adjustments and invoices that may change preliminary totals.
Ending: the presentation was informational; the board later approved several clean-up appropriations and transfers (see votes at a glance). Finance staff will return with final audited results later in the year.
