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Fairfax County Office of Public Affairs
12000 Government Center Parkway, Suite 551
Fairfax, VA 22035-0065
703-324-3187, TTY 711, FAX 703-324-2010

Aug. 1, 2005

County Executive Presents Fiscal Year 2005
Year-End Budget Status and Carryover Review

On Aug. 1, Fairfax County Executive Anthony H. Griffin presented the status for the county’s fiscal year 2005 which ended June 30, 2005, as well as recommended necessary carryover adjustments for fiscal year 2006, which began July 1, 2005. As the beneficiary of a healthy economy that generated a higher level of revenue, Fairfax County realized a positive year-end balance of $46.6 million, after netting out outstanding encumbrances and unencumbered commitments, as well as associated Managed Reserve adjustments. This represents less than 2 percent of the total fiscal year 2005 General Fund disbursements and consists of additional revenue of $34.4 million, as well as expenditure savings of $12.9 million on a $2.9 billion budget.

The additional revenue consisted of higher than anticipated property taxes, other local taxes (including business, professional and occupational license taxes; recordation and deed of conveyance taxes; mobile local telecommunications taxes; and partially offset by a decrease in sales tax), charges for services, as well as revenue from the commonwealth of Virginia and federal government. A significant portion of the increase occurred during the last quarter of the fiscal year, a surge that was not anticipated during the fiscal year 2005 Third Quarter Budget Review.

As part of his recommendations for fiscal year 2006, the county executive identified a revenue increase of $1.75 million and necessary administrative adjustments totaling $23.88 million based on previous board action and priorities, as well as initiatives that support strategic county vision elements such as Maintaining Safe and Caring Communities, Building Livable Spaces, and Exercising Corporate Stewardship. Included in this recommendation is $9.28 million in adjustments that were deferred by the Board of Supervisors during the fiscal year 2005 Third Quarter Review, which the county executive was directed to address as part of the fiscal year 2005 Carryover Review.

In accordance with the Board of Supervisors’ policy, 40 percent of the balance after netting out fiscal year 2006 administrative adjustments is allocated to the Revenue Stabilization Fund. The board created the RSF in 1999 to provide a mechanism for maintaining a balanced budget in times of severe fiscal stress. The county executive’s proposal for the fiscal year 2005 Carryover Review includes $9.6 million for the RSF with an associated Managed Reserve adjustment of $0.19 million, which with anticipated fiscal year 2006 interest earnings, will bring the total RSF to $57.72 million or approximately 62.3 percent of the targeted amount of 3 percent of General Fund Disbursements.

The county executive also recommended another $5.0 million from the available balance for the Revenue Stabilization Fund in addition to the $9.6 million identified in accordance with Board policy. This will accelerate the process of funding this reserve and would bring the RSF to 67.6 percent of the targeted amount.

The Board of Supervisors approved the advertisement of a public hearing on the fiscal year 2005 Carryover Review to be held Sept. 12. Following the public hearing, the board will take action on the proposed Carryover Review.

Information on the fiscal year 2005 Carryover Review is available on the county’s Web site at www.fairfaxcounty.gov/dmb and by calling the Department of Management and Budget at 703-324-2391, TTY 711.

Fairfax County is committed to a policy of nondiscrimination in all county programs, services and activities and will provide reasonable accommodations upon request. To request special accommodations, call 703-324-3187, TTY 711. Please allow five working days in advance of events in order to make the necessary arrangements.






 

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