Accomack Board hears FY24 financial report showing $70 million general fund balance

The Accomack Board of Supervisors heard a report from Ms. Danielle Nikolaisen, CPA and Director with Brown Edwards, on the County’s Fiscal Year 2024 Annual Comprehensive Financial Report (ACFR). In accordance with Virginia Code, the report must be formally presented to the Board. In addition to the ACFR, Nikolaisen  also delivered a separate document outlining comments and suggestions for the County’s financial improvement.

The County’s Audit Committee has already received and reviewed both reports.

One key highlight from the Annual Comprehensive Finance Report is the status of the County’s General Fund. As of June 30, 2024, the total General Fund balance stood at $70 million. However, much of that amount is already designated for specific uses:

• $14.1 million is committed to the County’s Rainy Day Fund,
• $16.9 million is assigned for capital projects and future expenditures,
• $2.5 million is earmarked for renovations at the Accomack County Public Schools (ACPS) Accomac Primary Building, and
• $28.1 million represents unspent local funding for the School Board, which has traditionally been reappropriated to the school system.

That left approximately $8 million in unassigned funds remaining in the General Fund as of the end of the fiscal year. That amount was appropriated to the FY26 budget that was approved Monday.