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City finance director reports $22.4 million FY24 surplus, recommends transfer to CIP contingency
Summary
Charlottesville's director of finance reported a FY24 audit with a clean opinion and about $22.4 million in surplus; city staff recommended following the financial management policy and placing the surplus in the capital improvement program contingency, with a formal appropriation to be considered at the next meeting.
Chris Cohen, the city's director of finance, told the Charlottesville City Council the auditors issued a clean opinion on the city's FY24 financial statements and the general fund finished the year with roughly $22,400,000 in excess of the city's 17% fund balance policy.
"The general fund ended with approximately $22,400,000 in excess of the 17% fund balance policy," Cohen said, and he noted the amount represents about 9.8% of the adopted FY24 budget. Cohen said the auditors' written confirmation and the annual comprehensive financial report are published and that the city submitted the report to the Government Finance Officers Association for its certificate of achievement program.
The finance director outlined the largest drivers of the surplus: general fund revenues that ran about $12,500,000 over budget and expenditures that came in under budget, particularly salaries and benefits. Cohen…
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