Finances

Government Structure

Scope of Services

  • County provides all local government services
  • No overlapping of boundaries with cities or towns
  • Public education supported by county taxes via transfer to the School Board

Assessed Value and Property Taxes

  • Property tax rates established by the Board of Supervisors each spring after a public hearing
  • General Government Revenues are budgeted at $701.0 million for the fiscal year 2011
  • Total assessed value of taxable real property value in 2009 was $31.6 billion

County Debt

  • General obligation debt must be approved in referendum
  • Debt secured solely by project revenue does not require referendum. The debt management policy sets a ceiling ratio of debt to assessed value at 3.5%
  • No legal debt limit - in practice county limits general obligation debt to 3.5% of assessed value and a target ratio of 3%
  • Ratio of debt to assessed value as of June 30, 2009 was 1.6%

Other Financial Issues

  • Virginia law requires balanced budget.
  • Board policy maintains an undesignated fund balance of 5% and a target of 7.5% of planned operating expenditures
  • One of the few counties in the nation to hold both the Award for Distinguished Budget Presentation and the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association
  • Consistently improving bond ratings allow the county's general obligation bonds to trade at AAA rates

Bond Ratings 

Chesterfield County is one, of fewer than 25 counties in the nation, to hold AAA ratings from all three major bond rating agencies. This status reflects exceptional management of financial operations and conservative fiscal policies