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Finance director reports modest revenue gains, VPSA borrowing plan for school construction
Summary
Andrea Light reported first-quarter FY25 revenues are tracking within 1% of budget, sales tax receipts were slightly above last year, and staff is pursuing a VPSA standalone borrowing of about $50 million for school construction; the board asked for follow-up detail on tax-relief amounts and school midyear updates.
Andrea Light, chief director of financial services, presented a short FY25 first-quarter financial review to the Board of Supervisors on Oct. 15. She said general fund revenues are projecting to be within 1% of the adopted operating budget at this early stage; sales tax receipts for the most recent month are about 2% above last year. The fiscal-year-25 adopted budget uses $23 million of fund balance for one-time costs, and vacancy savings remain above budget.
Light also reported work toward a VPSA standalone borrowing for the School Division—approximately $50 million—to support high-school construction and other projects; staff has met with two rating agencies and expected updated ratings soon. Board members asked for additional detail on the $7 million tax-relief variance referenced by staff (tax-relief programs for elderly and disabled and the 100% disabled veterans exemption) and requested follow-up email detail on historical and budgeted amounts.
The board requested a midyear budget update from the school division in January and asked staff to follow up with the commissioner of revenue and registrar as questions about tax-relief growth and projections were raised.
