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Board creates finance board and simultaneously authorizes advertisement to abolish it as part of investment‑authority shuffle
Summary
Supervisors adopted a resolution to establish a Warren County Finance Board to review investments and receive monthly treasurer reports, then voted to advertise an ordinance that would abolish that finance board so the full board could retain finance powers. Staff said the steps are part of a process to clarify investment authority and work with the treasurer.
On Nov. 19 the Warren County Board of Supervisors adopted a resolution establishing a Warren County Finance Board to review county investments, receive monthly reports from the treasurer and advise on fiscal policies.
In the same meeting the board authorized advertising an ordinance to abolish that finance board. County staff explained the sequence: Virginia law allows the board to establish a finance board; if the board later abolishes it, the powers of the finance board would be exercised by the full Board of Supervisors. Staff said the item is part of ongoing discussions about how best to manage county funds and whether to centralize or delegate investment authority, and emphasized the need to work with the treasurer.
Supervisor comments referenced prior work on investment returns and debt reduction; one supervisor noted the county has paid down substantial debt in recent years and that better investment returns through the Treasurer’s Office could reduce costs. Staff said the Board will decide in December whether to finalize abolishing the finance board so the full board retains those powers.
Next steps: the clerk will advertise the proposed ordinance to abolish the finance board and the board will consider the matter again in December. Staff and the county attorney will prepare materials describing the practical effect and any required changes to investment procedures.
