In his comments, interim city manager Michael C. Rogers said that Council is usually presented with financial reports at the end of each quarter. However, this time’s report is delayed.
“It represents the financial results for all of last year and those results will not be final until after the audit is completed,” Rogers said.
The audit will determine how much of a surplus will be left over from FY22, the second half of which included both a property tax rate increase and an increase in property assessments.
“We are still anticipating a sizable surplus as we previously discussed and at this reporting we do not anticipate any material differences in what was previously reported,” Rogers said.
In June, Rogers reported a projected $14 million in surpluses, as reported by Charlottesville Community Engagement. Expect the audit to be completed and presented to Council in their second meeting in October.
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