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County audit receives clean opinion; Board approves moving forward with $20M school financing plan recommendation
Summary
Auditors issued an unmodified FY2021 opinion and reported a $183,000 increase in the general fund balance; Davenport Associates recommended Atlantic Union Bank for KQES financing (20-year, $20 million bond at 2.04%) and the Board authorized staff to proceed with bond documents.
Auditor Adam Duncan of Robinson, Farmer & Cox told the Board the county received an unmodified opinion on its FY2021 financial statements — the highest ("clean") level of audit opinion. The audit summary provided in the meeting record showed a $183,000 increase in the general fund balance for FY2021. County revenue exceeded budget by $687,840 while expenditures were $2,448,838 below budgeted amounts, a variance discussed by Board members.
Separately, Davenport Associates (David Rose and Kyle Laux) presented results from a financing RFP for KQES and recommended Atlantic Union Bank for a $20 million, 20-year bond at a fixed rate of 2.04%. The consultants also outlined prepayment options should the Board choose to pay down principal early. On a motion by Supervisor J. M. Burns, seconded by Supervisor S. C. Alsop, the Board authorized Davenport and county staff to move forward with necessary documents for bond issuance.
