Conservative revenue estimates coupled with prudent spending and continued aggressive pursuit of economic development opportunities has led to a $5.1 million positive result of operations for Stafford County’s FY12 Budget.

“We continued to show fiscal restraint and commitment to our priorities for the community, and we have had to make hard decisions to enhance our financial standing and services to the public,” said Chairman of the Board of Supervisors Susan Stimpson, Falmouth District. “Thanks to our Board members, Constitutional Officers, department heads, staff and our citizens, we have positioned Stafford as a community of opportunity where people can live, work and raise a family successfully.”

Supervisor Cord Sterling, Rock Hill District, Chairman of the Board’s Finance, Audit and Budget Committee, remains cautiously optimistic. "We are pleased that we have once again netted a positive result of operations. However, we are not out of the woods yet, the world economy continues to struggle, and the effects of sequestration in our region will pose more challenges for us. Despite all this, we will continue to focus on core government services and follow our strict financial guidelines as we relentlessly pursue the advancement of our community.”

Much progress has been made over the past year toward the Board’s priorities for the community. Standard and Poor’s enhanced the County’s bond rating last summer. The average residential tax bill has decreased 11% (inflation adjusted) over the last five years. Funding was provided for public safety’s radio communication system and the Sheriff’s Office has added staff for courthouse security and its 911 Emergency Communications Center. The schools received the largest operating transfer in Stafford’s history (school funding was the largest increase in the FY13 budget). New recreation opportunities opened this year including the Belmont-Ferry Farm Trail, and other infrastructure improvements in parks, roads, and schools are underway.

Economic development continues to be one of Stafford’s strongest assets. Stafford has over 2,250 businesses. According to the Virginia Employment Commission, Stafford had the 7th highest business growth rate in Virginia from 2006-2011, and the 2nd highest job growth rate in Virginia over the same time period. As a result, almost 38,000 people can say they work in Stafford. More opportunities are on the way. The first classroom in the Stafford Research and Technology Park at the Quantico Corporate Center opened in September of this year. It is the first step toward a research park that will focus on law enforcement, the military and the intelligence community. Stafford has partnered with George Mason University, the University of Mary Washington, and Germanna Community College to teach classes there this fall.

Stafford’s Comprehensive Annual Financial Report (CAFR) and its budget has received national recognition. This year, the Government Finance Officers Association (GFOA) has awarded Stafford the GFOA Certificate of Achievement for Excellence in Financial Reporting for its CAFR for the 30th consecutive year.

“This is a significant milestone that represents the community’s long standing commitment to excellence in financial reporting,” wrote Christopher Morrill, president of the Government Finance Officers Association, in a letter to Chairman Stimpson. The County’s budget book has received the GFOA Distinguished Budget Award Presentation for the past 23 years. The County’s finance staff was recognized at today’s Board of Supervisors meeting.

The Board’s use of the $5.1 million results of positive operation will be based on the county’s financial needs as a whole. According to the Board’s financial policies, the money will go to the Capital Projects Reserve Fund and used to fund projects with cash, which will reduce the County’s reliance on debt. Potential uses include: funding parks infrastructure projects, updated voting machines, a class and compensation study, and renovations at the George L. Gordon, Jr., Government Center. The Board has also discussed allocating up to $4 million to a public private partnership for an indoor pool and athletic facility.

The year end fiscal numbers are pending results of a financial audit. In addition, Stafford County Public Schools reports a $3.3 million year end positive results of operations.