Financial Services Frequently Asked Questions
How can I obtain a quick overview of the County's revenues, expenses, and financial status?
One of the best ways to get an overview of the County's finances is to review the annual budget document. This document includes a budget message from the County Administrator which provides an executive overview and a discussion of specific budget issues for that particular year. It also includes detailed information on the sources of County revenue and how funds are spent.
Another document that is very helpful is the Comprehensive Annual Financial Report (CAFR) which reflects the actual financial activity of the County by fiscal year in all funds and on an entity-wide basis as well. The CAFR includes a transmittal letter and management's discussion and analysis on the financial position of the County. This document includes a profile of the County, a discussion on economic conditions, updates on major initiatives, and the annual auditor's report. Ten years of financial trend information is provided in the statistical section of this report.
Finally, there is the Popular Annual Financial Report (PAFR) which is a summary report of the CAFR. The purpose of the PAFR is to provide the citizens of New Kent County a better understanding of the County's financial position. The PAFR also includes information on the budget, CIP plans, fiscal year and economic highlights, County history and information on the Board of Supervisors and County staff.
I am interested in the County's Capital Improvement Plan. Where can I find information on the projects?
The County adopts a five-year Capital Improvement Plan annually in conjunction with the budget process. This plan explains the various projects and the estimated fiscal year for funding. Only the first year of the Capital Improvement Plan is funded as part of that year's operating budget.
Where can I find information on the County's outstanding debt and annual debt service payments?
Annual debt service is funded through the annual operating budget and can be found in the budget document. Total outstanding debt and increases/decreases for the year can be found in the Comprehensive Annual Financial Report (CAFR) within the footnotes to the financial statements under "Long-Term Liabilities". View the CAFR here.
I would like to submit a funding request to the Board of Supervisors on behalf of an outside organization. What is the process to do so?
Requests are considered as part of the annual budget process and must be received by December 9th of the preceding calendar year (For example: if the fiscal year starts July 1, 2017, the request should be submitted by December 9, 2016.) Send requests to Larry D. Clark, Assistant Finance Director via email .
How are vendor payments made?
Generally, the County produces checks weekly for accounts payable. Dates and processing may vary slightly due to holidays and weekends.
Are County purchases exempt from sales tax?
Yes. Please contact the Finance Department at (804) 966-9605 for a sales tax exemption certificate, or email your request.
What is the County's policy for fund balance?
The Board of Supervisors has adopted a fund balance policy which provides a fiscal stability reserve in order to ensure a stable financial base at all times. This reserve provides the County with a financial cushion to accommodate variations in cash flows and provides funding for unanticipated or emergency expenditures and/or revenue shortfalls. The complete policy can be found here.
I am a County employee and I have questions regarding my payroll check. Who should I contact?
Questions regarding your paycheck should be directed to HR at (804) 966-8512.