New Kent University Department of Financial Services November 5, 2015 New Kent, Virginia

New Kent County Financial Services Staff  Mary Altemus, Director  Larry Clark, Assistant Director  Shannon Walton, Accountant  Margaret Jefferson, Payroll Administrator  Andrea Finn, Accounts Payable Specialist  Maggie Harrell, Accounting Clerk, Part Time

DEPARTMENT FUNDING _____________________ 100% Local Funds

RESPONSIBILITIES  Budget  Annual Audit - CAFR  General Ledger  Grants Management  Accounts Payable  Surplus Property  Purchasing Card  Debt Management  Payroll  Risk Management  Fixed Assets  Purchase Orders  Cell Phones  Cost Allocation

BUDGET PROCESS  Requires Months  Must be Adopted Prior to Beginning of New Fiscal Year (July 1)  Involves  Citizens  Board of Supervisors  County Administrator  Budget Team  Department Managers  Outside Experts

BUDGET Reflects Estimated Revenues and Expenditures for the Fiscal Year Revenues and Expenditures Must Balance!

BUDGET PROJECTIONS  REVENUES  Property Assessments - COR  Commonwealth of Virginia Estimates  Historical Trends  Available Grants  Projected Rate of Growth  Departmental Input  EXPENDITURES  Departmental Requirements (Zero Based Budgeting)  State & Federal Mandates  Debt Service Obligations  Available Grants (Matching Funds)  Capital Requirements

BUDGET CHALLENGES  Real Property Values – Values Slow to Recover  Federal and State Funding Reductions  State and Federal Mandates  Capital Projects and Related Operating Costs  Population Growth (Impact on Schools, Public Safety, Capital)  Maintaining Existing Service Levels in an Environment of Declining Resources

MAINTAINING FISCAL RESPONSIBILITY  Zero Based Budgeting  Detailed budget justification and supporting documentation  Aligning requests with established goals  Monthly monitoring of revenues and expenditures  Strong internal controls  Continuous review of policies and procedures to reflect best practices  Annual Audits  Long range capital planning

FY16 BUDGET AT A GLANCE (Excludes Transfers) Budgeted Expenditures (Excludes Utilities of $5.2 million) $56,916,986Decrease of 12.2% One Cent RE Tax Equals$244,184$3,552 Decrease Real Estate Tax Rate$0.84$100/Assessed Value Personal Property Rate$3.75Remains the Same Meals Tax4%Remains the same Personnel Costs$13,662,630 Utilities ($1,323,751) 2% Salary Increase Capital Improvement Program$1,267,000 $7,923,500 Decrease Debt Service$5,746,162$397,170 Reduction Local Support for School$13,254,595$420,000 Increase

EXPENDITURES BY FUND (Excludes Transfers)

GENERAL FUND TRANSFERS $20,177,287 FundAmount School Operating$13,254,595 Debt Service$5,167,560 Human Services - CSA$854,864 Reserve Transfers$478,602 Social Services$392,481 Airport – Operating Support$29,185

REVENUES BY FUND (Excluding Transfers)

BUDGET AWARD The County’s FY15 Budget received the Distinguished Budget Presentation Award _______________________________________ Operating Budgets Are Available At _______________________________________ Or Visit the Financial Services’ Website and Click on Budget

CAFR AWARD The County has received the Certificate of Achievement for Excellence in Financial Reporting Award for 11 consecutive years (FY04-FY14) The financial report (CAFR) is available on the County’s website under Financial Services

Popular Annual Financial Reporting Award For the fiscal year ended June 30, 2014, the County issued a scaled-down version of its Comprehensive Annual Financial Report - The Popular Report. The report provides a simplified version of the County’s finances. The report has been awarded GFOA’s Popular Annual Financial Reporting Award. The report is available on the County’s website at:

Contact Us  Website:   Telephone: (804)

QUESTIONS? We will be happy to answer any questions you have about New Kent County’s Financial Services Department We appreciate your interest in our Department! YOU, the Citizens of New Kent, are our #1 Customers!