New finance director briefs board; audit likely delayed to January 2026

Stacy McBride, introduced as King William County’s full‑time finance director, and finance staff reported Nov. 17 on fund balance policy, the status of the 2025 audit and the FY27 budget calendar.

McBride summarized the county’s fund balance policy (a 20% unassigned fund balance target) and said the 2025 audit is still in process; after meeting with auditors she told the board the audit will most likely be delayed and that a draft is targeted for January 2026. She described implementation work to comply with a new GASB standard, the need to reconcile beginning balances, and work to strengthen internal controls and segregation of duties in the finance office. "We are coordinating and trying to figure out the final items," McBride said; "the audit will be delayed. It will most likely be January 2026 as long as we can get these larger items in place."

Finance staff presented preliminary analysis showing a stronger revenue picture than previously projected and identified targeted departmental expenditure adjustments. Staff said if revenue realization and targeted adjustments hold, proposed FY26 amendments could fall below the 1% threshold that would require a public hearing. Next steps include completing a detailed revenue reconciliation, validating departmental adjustments with department heads, and presenting a complete appropriations resolution for the board’s consideration; staff estimated a target date of January 2026 for a completed report.

Provenance: Presentation begins at SEG 668 and continues through SEG 948.