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Charlotte County supervisors hear financial update; consider fund-balance policy and use of solar revenues
Summary
Davenport Public Finance told the Charlotte County Board of Supervisors on Sept. 7 that the county's general fund balance rose to $14.6 million in fiscal 2022 and recommended adopting a formal "Fund Balance Policy"; supervisors discussed using anticipated solar-project revenue for community and school improvements and agreed to schedule a follow-up work session to set priorities.
At a Sept. 7 work session, Mitch Brigulio of Davenport Public Finance told the Charlotte County Board of Supervisors that the county has maintained a balanced budget and that its general fund balance increased to $14.6 million in fiscal year 2022. Brigulio recommended the board adopt a formal "Fund Balance Policy" and begin identifying initiatives that could be funded, at least in part, by anticipated revenues from forthcoming solar projects.
The recommendation frames a choice for the board about how to manage one-time or new recurring revenues. Davenport reviewed the county's debt and repayment schedule, revenue and cash-flow trends since their prior 2019 report and forecasted future revenue tied to solar developments. Brigulio said, "I believe the County is in a good spot," and urged formal policy to guide how reserves and new revenues are used.
County Administrator Witt said the purpose of the work session was to begin a discussion about board priorities and what staff should research. Chairman Gary D. Walker said he preferred that members digest Davenport's findings and return for a dedicated work session to develop a prioritized list of spending or investment options using the new solar revenue.
Supervisor Garland H. Hamlett said he supported using a portion of any proceeds to improve residents' quality of life and to invest in school facilities. Supervisor Hazel Bowman Smith agreed that a follow-up work session was appropriate and suggested board members submit their priorities in order, with their reasoning, before that meeting.
No motions or formal votes were taken at the Sept. 7 session. The board adjourned after the discussion; staff were directed informally to prepare for a future meeting to refine priorities and options for using projected solar revenue.
