Middlesex supervisors unanimously accepted a year-ending county audit that reflects a positive balance of $27,483,524.
Jay Sanudo of Robinson, Farmer, and Cox Associates PLLC, said this year’s audit reflects a $20,287,443 “unassigned” fund balance for the general fund and was up from last year’s $18,639,740, with a $2.1 million increase from last year. The fund balance amounts to 58% of total general fund expenditures and other financing uses, the audit states.
Sanudo praised the county for improvements in budget keeping. “Middlesex is in pretty good (financial) shape,” he said. “There has been a lot of improvement in the way the county handles its finances. This audit is the best that I’ve seen the county has done.”
Sanudo also reported:
- There is $14.4 million in long-term debt for the county and about $6.3 million of long-term debt for the Middlesex County Public Schools (MCPS); and debt payments will continue through the year 2055.
- The county’s contribution to Middlesex County Public Schools was $12,147,941.
- The county budgeted $34,990,452 for revenues, receiving $38,320,716. The nearly $2 million increase in revenues was due to funds received from the Virginia Port Authority to dredge Broad Creek in Deltaville. These funds were not originally budgeted.
- The county’s budget for expenditures was $43,449,694 and the money spent was $43,449,694. “I was very impressed how close the county came on expenditures,” he said.
MCBS Saluda District representative and board chairman Don Harris asked Sanudo to address the county’s amount of long-term debt.
Sanudo said, “Other localities that I have audited have a whole lot more debt.”
