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A listing of the latest News announcements from Augusta County. You can subscribe to County News on the E-Notices page to receive updates via e-mail. You can also subscribe to this page using RSS by clicking on the RSS icon RSS icon at the top right of this page.

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2019 Comprehensive Annual Financial Report Published

The 2019 Comprehensive Annual Financial Report received a "clean" audit from PBMares and was presented to the Board on December 11. The report in its entirety can be found at AugustaCountyVA.gov/financial-reports.
Post Date:12/20/2019 10:15 AM

2019 Comprehensive Annual Financial Report Published

Every year, the Finance Department completes a Comprehensive Annual Financial Report as required by local and state ordinances and statutes. The County works hard to ensure the accuracy and completeness of the financial data in the report. The ordinances and statutes also mandate an audit of the report by an independent firm to make sure that the financial statements conform to generally accepted accounting principles (GAAP).

The accounting firm PBMares prepared and presented an audit of the Comprehensive Annual Financial Report for fiscal year 2019 at the Board of Supervisors meeting on December 11. PBMares partner and Government Team Leader, Betsy Hedrick, summarized the audit findings for the Board and commended the work by the Finance Department saying PBMares provided “an unmodified opinion which is a clean opinion.”

The 2019 Comprehensive Annual Financial Report in its entirety can be found at AugustaCountyVA.gov/financial-reports.

Highlights from the report include:

  • Local revenues increased by 6.1%, mainly from sales and use tax that were up by 10% over 2018. This is a good indicator that consumer spending may be gaining from the previous recession.
  • Several major initiatives and goals were described:
    • Natural Chimneys Park and Campground had significant infrastructure and facility improvements due to aging facilities.
      • A new Alpha Well was drilled due to the failure of the two existing wells. This well will help ensure that the park has sufficient water for years to come. (Total cost - $175,000)
      • The park stage was completely renovated for aesthetic appeal and better performance acoustics using donated supplies, material, and labor. $40,000 in value was created at no cost to the County thanks to the partnership with Black Bear Productions who hosts the annual Red Wing Roots Music Festival.
    • The IT Department’s core network underwent major reorganization and upgrade in order to provide high-speed connectivity needed by IT and the Emergency Communications Center. Using upgraded equipment decreases the chance of failure and also adds the benefit of lower regular maintenance costs.
    • The Finance Department transitioned EMS Transport billing from a third party billing company to doing it in-house. Local billing created a financial saving for the County, offsetting the cost of hiring of a Certified Ambulance Coder, and provided the benefits of convenience and accessibility for County citizens.
  • Capital improvement plans provide the County with a systematic approach to financing capital improvements that:
    • include future facility needs,
    • connect projects to community goals and growth,
    • eliminate poorly planned expenditures,
    • encourage collaboration with other governmental units, and
    • develop private sector growth that is consistent with the Comprehensive Plan.

      The capital improvement plan enables the County to afford projects without bonding the cost.

  • In 2019, the County had debt issues related to school construction that totaled $69,656,703 and bonds for construction of a sewage system, roadway and bridge construction, and the Mill Place water tank outstanding for $5,759,402.
  • Financial Highlights:
    • The County’s total net position increased by $8,212,547.
    • The government’s general revenue was $121,388,911. The expenses were $113,176,364.
    • The School Board’s general revenue was $116,124,226. The expenses were $113,102,026.
    • At the close of the fiscal year, the County’s governmental funds reported a combined ending balance of $50,736,210, an increase of $4,571,234 over the prior year.
  • Awards and Acknowledgements:
    • The Government Finance Officers Association of the United States (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the County. This is the twenty-first consecutive year the government has achieved this prestigious award.
    • The GFOA awarded a Certificate of Achievement for Excellence in Budget Presentation to the County. This is the second year the County has achieved this prestigious award.
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