Finance Division Director Lauren Null told supervisors the financial news was good for Hanover County as she presented a positive annual financial report for the fiscal year that ended June 30 earlier this month.
Null shared the annual financial report with board members at a meeting earlier this month and the full financial report is available on the county’s website.
“Fiscal Year 2021 revenues totaled $280.6 million, which is 5% higher than the appropriated budget,” Null said. “Final year-end transfers and expenditures totaled $258 million, or 94% of the appropriated budget.”
Those figures resulted in a positive operating balance for the county that totaled $31.2 million.
“The combination of additional
revenues and lower expenditures results in an operating balance of $31.2 million, which is primarily planned to be spent in FY 2022 county and school budget and the five-year capital plan,” Null said.
“Of the $48.7 million in fund balance assignments, $12.7 million has already been appropriated by the board for FY22 budget and the five-year financial plan,” Null said. “The remaining assignments for economic development, education, reserve capital projects and public works projects for stormwater and transportation total $35.9 million.”