Van Der Hyde - Financial UpdatesFinance Updates
May 21, 2024
Financial Management Policy Revisions
The Pittsylvania County Financial Policies are a set of policies that provide
guidance to the County Board to make decisions concerning financial matters.
These policies should be reviewed by the Board of Supervisors every 2 years.
These policies were last updated on February 22, 2022.
Summary of Revisions
Reserves and Fund Balance
Policy I (Pages 3-4) Reserves and Fund Balance:
Current Policy regarding Unassigned Fund Balance:
Summary of Revisions
Capital Asset Policy
Policy V Capital Asset Policy (Pages 10-12): This is a new policy that is being incorporated into this
policy to provide guidance when capitalizing assets for the County. Prior to implementation of this
policy Finance Staff followed the general guidelines of the County Auditor. Information provided in
this policy was recommended by our current County Auditor, Robinson, Farmer, Cox, and
Associates. Please note this policy will be effective starting July 1, 2023.
Summary of Revisions
Debt Management
Policy V Debt Management (Page 13):
Debt ratios must be maintained at the following levels:
1% Sales Tax Fund Review
The 1% Sales Tax Referendum was passed in November 2022. Funds received from this additional tax is to be used to fund School Construction Projects.
Collections of these funds began July 2023. To date, we have collected a total of $2,350,915.48 and earned interest of $26,385.81 for a grand total of 2,377,301.29. Of this amount, we have spent a total of $1,004,600 on Engineering Expenses for various school projects.
Literary Fund Application
Process
The Department of Education opened the application process to give Schools the ability to apply for literary funds on March 21st with a deadline of May 23rd.
The County’s Financial Advisors, PFM recommended we apply for the literary funds since we have the ability to borrow these funds at a 2% interest rate.
The School Board passed a resolution at their May 14th authorizing the School Board to apply for the Literary Funds.
Literary Fund Application
Process
Tonight’s Public Hearing is being held to hear citizen input to authorize the Pittsylvania County Schools to apply for Literary Funds from the Commonwealth of Virginia.
List of Applications – GRAND TOTAL $26,486,278
▪Kentuck Elementary School: 12 Classroom Additions $10,792,290
▪Southside Elementary School: Replace HVAC System and Windows $ 9,388,584
▪Union Hall Elementary School: Replace HVAC System and Windows $ 6,305,404
Questions?