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Audit and Finance Committee recommends 35% assigned fund-balance target for Goochland County
Summary
The audit and finance committee voted to recommend that the Board of Supervisors adopt a 30'40% assigned fund-balance range with a 35% target, citing a need to free funds for capital projects while staff projected a one-time FY25 surplus that would narrow the shortfall.
The Audit and Finance Committee of the Goochland County Board of Supervisors voted in workshop to recommend that the board adopt a 30'40 percent assigned fund-balance range with a 35 percent target, the committee agreed by voice vote and will send the recommendation to the full Board of Supervisors at its March meeting.
The recommendation followed a staff presentation and extended discussion of the county's available fund-balance policy, which ties assigned balances to a share of the next fiscal year's budget. Staff explained that under the current 60 percent metric, the county would need roughly $66.6 million in available fund balance; of that amount, assigned fund balance would…
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