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Charlottesville finance director presents $27.9 million FY24 year-end amendment; city to hold $22.4 million surplus in CIP contingency
Summary
Director of Finance Chris Candon presented a first reading of a FY24 year-end budget amendment totaling about $27.9 million, with an estimated $22.4 million surplus proposed to be placed in the city's capital improvement contingency. Council opened a public hearing and moved the item to the Feb. 18 consent agenda.
Chris Candon, Charlottesville's director of finance, presented the first reading of the city's fiscal-year 2024 year-end appropriation on Feb. 3, describing a total amendment of approximately $27.9 million across multiple city funds and noting a general-fund surplus portion of about $22.4 million.
The allocation package covers a series of housekeeping adjustments and recommended year-end appropriations across grants, facility-repair and school-related accounts. Candon said the finance team recommends placing the $22.4 million surplus into the city's CIP contingency account, in keeping with the financial-management policy; any subsequent use of those contingency funds would require a future council action.
City Manager Remy Sanders told council that the figure reflects closed FY24 books and that staff will provide additional detail and briefs as needed. Sanders said he intends to present the FY26 budget recommendation to council on March 4 but recommended holding surplus funds in reserve while the federal funding environment plays out.
Because this meeting included a public hearing, members of the public were invited to comment; no speakers addressed the amendment and the public hearing was closed. Council agreed to place the ordinance on the Feb. 18 consent agenda for final action.
Why it matters: Moving the surplus into CIP contingency preserves flexibility for capital spending and shields one-time funds from automatic allocation during a period of federal funding uncertainty. The council will consider any proposed uses of those contingency funds in later public meetings.
