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James City County posts healthy FY24 reserves; $8.8M school surplus and planned uses outlined
Summary
Budget manager reported a preliminary FY24 General Fund surplus of roughly $27.8M with $8.8M school year-end surplus (90% committed back to schools per agreement) and an unassigned fund balance of about $79.7M (≈27% of expenditures). Board discussed vacancy savings and planned commitments.
Cheryl Holland, the county’s budget manager, presented preliminary FY2024 year-end results and a first-quarter FY2025 update for the General Fund, noting figures remain subject to the year-end audit to be presented in December.
Holland said general property taxes remain the county’s largest revenue source (about two-thirds of total revenue), and that FY24 increases were driven by personal property taxes, real estate improvements and new development. She reported a preliminary overall FY24 surplus of approximately $27.8 million but noted that most of that amount is already committed: roughly $6.1 million to a debt service reserve, $6.2 million to upcoming CIP projects, $3.3 million related to school borrowing, and other earmarks. Holland also said the school division reported about $8.8 million in year-end savings; under the county-school agreement, the county retains 10% of that amount (about $880,000) and 90% is committed back to the schools.
The county used around $12.7 million of fund balance in FY24 for one-time items including CIP support, school year-end spending plans, debt service support and leave payouts. After those uses and commitments (and a planned $6.5M one-time tax-credit commitment for FY25 real estate bills), the county’s unassigned fund balance grew to roughly $79.7 million, about 27% of general governmental expenditures — well above the county policy target of 15%.
Board members asked for additional breakdowns of the school surplus and noted that a portion of the strong reserve position reflects vacancy savings; Holland said she could provide more detail. The board did not take action requiring immediate budget changes; staff will present the audited figures in December.
