FY 24 Year-End Update - Kim Van Der HydePreliminary FY2024
Budget Amendments &Year-End Update
August 20, 2024
FY2024 Budget Amendments
PUBLIC HEARING NOTICE
Pursuant to §15.2-2507, Code of Virginia, 1950, as amended, the Pittsylvania County Board of
Supervisors will hold a public hearing on Tuesday, August 20, 2024, at 7:00 p.m., in the Board
Meeting Room, 39 Bank Street, SE, Chatham, Virginia, 24531, to receive citizen input on the
proposed FY2024 Budget Amendments. Public hearing documents are available for public
inspection Monday-Friday, 8 am – 5 pm, in the Pittsylvania County Administration Building, 1
Center Street, Chatham, Virginia, 24531, and on the County’s website,
www.pittsylvaniacountyva.gov.
Proposed
Budget
Amendments
2023-2024
REVENUES
Current Budgeted Revenues $302,729,063.53
General Fund Revenues 88,599.63
General Fund Carryovers/Fund Balance 858,748.69
School Revenue-(Federal, State, Local) 3,065,199.07
School Carryovers/Fund Balance-Nutrition 685,125.70
School Cafeteria Receipts-Nutrition 760,278.66
School Bus Lease-Interest 35.20
Library Gifts Fund Revenues 6,069.77
Capital Improvements Transfer 85,363.08
Courthouse Maintenance Fees 7,493.56
Courthouse Security Fees 2,529.05
Tobacco Opportunities Grant 770,775.00
Solid Waste Enterprise Bond Fund-Interest 53,995.49
Rescue Billing Fees 29,956.52
Proposed Amended Revenues $309,143,232.95
EXPENDITURES
Current Budgeted Expenditures $302,729,063.53
General Fund Operating Budget 947,348.32
School Operating Budget 3,065,199.07
School Nutrition Budget 1,445,404.36
School Bus Lease 35.20
Library Gifts Fund Budget 6,069.77
Capital Improvements Projects 85,363.08
Courthouse Maintenance Projects 7,493.56
Courthouse Security Projects 2,529.05
Economic Development Incentives 770,775.00
Solid Waste Enterprise Fund-Bond Project 53,995.49
Rescue Billing Distribution 29,956.52
Proposed Amended Expenditures $309,143,232.95
Overview of Major Tax Revenues
2024 Year-End Revenue 2024 Budget Additional Revenue
Real Estate 30,514,679 26,381,477 4,133,202
Personal Property 11,802,247 11,778,178 24,069
Mobile Homes & Barns 270,671 239,743 30,928
Machinery and Tools 2,543,210 1,597,503 945,707
Merchant's Capital 402,653 381,381 21,272
Public Service Corps-Real Estate 2,432,809 2,135,577 297,232
Public Service Corps-Personal Property 510,459 371,643 138,816
Solid Waste Household Fee 3,129,778 3,180,000 (50,222)
TOTALS 51,606,506 46,065,502 5,541,004
Major Revenue Sources (Cash Basis)
Unassigned Fund Balance (Pre-Audit)
Unassigned Fund Balance (Audited)
Overview of Major Fund Expenditures
(Cash Basis)
General Fund Expenditures totaled $88,777,374 as of 6-30-24 as compared with
General Fund Expenditures totaling $81,229,099 as of 6-30-23
Water & Sewer Fund Expenditures totaled $4,066,891 as of 6-30-24 as compared
with Water & Sewer Fund Expenditures totaling $4,846,124 as of 6-30-23
Solid Waste Fund Expenditures totaled $8,256,446 as of 6-30-24 as compared
with Solid Waste Fund Expenditures totaling $8,014,928 as of 6-30-23
Unassigned Fund Balance Policy
An Unassigned General Fund Balance of not
less than 20% of the most current audited
General Fund expenditures to address natural
and manmade disasters and to offset budget
fluctuations. Based on FY2023 audited
expenditures-Unassigned Fund Balance
should be at a level of $16.5M
Long Term Capital Needs
Long Term Capital Needs
Currently, the County has a modest amount of debt
outstanding, totaling $31 million. Annual debt service
range from $1.2 million to $8.4 million, with final maturity
in FY 2031. With debt service falling off, we are proposing
to use the surplus for a long-term Debt Reserve fund for
large capital projects upcoming such as Jail and
Courthouse complex.
Long Term Capital Needs