Prudent management of Stafford’s financial resources has led to positive financial results and savings for the County. In fact, the Stafford Board of Supervisors recently passed a resolution to revise the County’s financial guidelines and policies to reflect reaching milestones for improving debt ratios and reserves much earlier than officials had originally planned.

Financial guideline revisions in 2010 called for the County to set goals for the unallocated fund balance, outstanding debt, and debt service by 2015. All of these goals were met earlier this year. The resolution called for changing those numbers from goals to requirements.

The Board has spent the last several years tightening up the County’s finances. Along with its financial guidelines, the Board also uses its “Principles of Responsible and Accountable Government” to help steer financial decisions.

“The Board has been relentless in our efforts to boost the County’s financial standings, lower our debt and lower the tax burden on our citizens,” said Board of Supervisors Chairman Susan Stimpson, Falmouth District. “Our hard work has paid off. Our bond rating was upgraded last year, which has improved our bargaining power, saving the taxpayers even more.”

Originally, the financial guidelines called for maintaining an unallocated fund balance of 12% of revenues by 2015. That number was reached June 30, 2011. Other financial and debt ratios have been strengthened, reducing the County’s reliance on debt to fund major capital projects.

The revised financial guidelines can be viewed on the Stafford County website at www.staffordcountyva.gov. Click on the Board of Supervisors link.