Accomack Board of Supervisors approve policy requiring seven agencies to provide financial information by Nov 30

The Accomack County Board of Supervisors approved a new fiscal policy requiring external organizations included in the scope of the County’s Annual Comprehensive Financial Report to submit their financial information to the County within five months of the end of their fiscal year.

The Code of Virginia dictates that the County file annually, for the preceding year on December 15 with the Auditor of Public Accounts. To meet that deadline is it imperative that all organizations included within the scope of the report , provide complete and accurate financial information to the County and its external auditors no later than November 30, five months after the end of the fiscal year.

Failure to issue the report in a timely manner has significant implications on the County including the loss or delay of grant funds, noncompliance with regulatory permits such as the County’s DEQ solid waste permits, increased audit costs, and the omission of the county’s financial information from APA reports provided to the General Assembly for decision-making purposes. It is also a barrier to recruiting finance personnel.

The Board directed the County Administrator to develop a policy that imposes reductions to local funding appropriations to any organization whose financial statements are included in the scope of the AFCR and does not provide accurate and complete financial information in a timely manner.