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HomeMy WebLinkAboutTown of Strasburg - Public Financial Report S IZASIJIIG-- VIRGINIA irtirli e .• ,.ice -N.. 41. as . . WELCOME TO .. TRASBURG b -dnn ar .11 ' `'' ...‘":" -.-1011* aw....... - 'tri..m.... v -gig `••,.. p iiir ...1 -- \ �.^�� , e -, 1'v �, I. r'' �� luAtA- Alit . - '- , •"'1 At.i,p _IRs ■ "- 1�..1,"E.2,- '. t _. Itl .: Popular Annual Financial Report Fiscal Year July 1 , 2020 - June 30, 2021 Letter from the Finance Director 1 Strasburg's Strategies and Goals 2 Strasburg at a Glance 3 Town Government 4 Financial Statement 5 Government Activities 6 Major Projects 7 Budget Process 8 How You Can Get Involved 9 S RASBURG VIRGINIA DISCOVER THE '=INANCIAI SIDE OF STRASBURG 1 Discover Strasburg The Department of Finance is pleased to present the Town of Strasburg's Popular Annual Financial Report (PAFR) for the Fiscal Year ending June 30, 2021. The PAFR summarizes the Town's financial GD activities from a detailed report called the Annualof Guvernmenl Finance 011 cers Association Comprehensive Financial Report (ACFR). The Ac Achievement for Excellence ACFR is an annual requirement that contains in Financial Reporting financial statements prepared in conformance with Presented lu Generally Accepted Accounting Principles as Town of Strasburg Virginia promulgated by the Government Accounting For irs Annual Comprehensive Financial Rcpon Standards Board. Furthermore, this report is audited Fo he Fisca Year Ended Jule 30.2020 annually in accordance with Virginia Code and has P Exaatire Ditccta+CEO received an unmodified opinion by Robinson, Farmer & Cox Associates, an independent auditing firm. In 2020, the Town of Strasburg received its first Certificate of Achievement for Excellence in Financial Reporting from the Government Financial Officers Association (GFOA). This prestigious national award recognizes the highest standards for preparation of state and local government financial reports. But we wanted to do more for the people of this community. The Town recognizes the importance of financial transparency and will continue to improve the accessibility and availability of all financial information for its citizens. ** 4 • For more information on the Annual Report, please visit theA Town website at https://www.strasburgva.com/finance. CaZIOW1 Angela Fletcher, Director of Finance 2 Strasburg' s Strategies and Goals Goal 1 I Prosper: -� s' N ' Maintain a thriving town with business and job - - "� ..``- opportunities ' j ®, i f ., Goal 2 I Protect: ? '' 7„ P A f` Mt.Yj • - Preserve our unique 'SAS Rc Sv ,�?,e,„, 7` _NA , - = I y small-town character and ,\- -a =__ -- natural environment ) yv` ► 1'1` 4t '` Goal 3 I Plan: r , Maintain our legacy of �, ,/ careful planning for the future of our town gawk 11110ft � Yap. Goal 4 I Strengthen: a•• . , -- �� ,•1 `' a Support the health of our p� �_ �� ._ _ town b rovidin _+ ' y p g 1- resources for recreation a N. -b �'= ' and healthy activities 3 Strasburg at a Glance _ _ _ ,, St,:-. .ry.il4 n�twnapinik ;L ande'' °Mwg .o r I ro Location ld, Strasburgis located in north-central ""°'� �RN N ', • /w.odw �� aea ❑rtw u0M1....., "mg7 y. C tw Gap. t ° ‘ Ili Shenandoah County, approximately 10 �: MY!! N" � 4rn� � - .,w v soon N 9� NW �� eWNnebn. ♦mttN14 Nob'Ye+'"� ° / nMY' 4 i� miles west of the Town of Front Royal and OOT// .NNnree en 4eN Wood., tpm Hem 78 miles west of Washington, D.C.ir ° ° �e44N�lw d4��tN r . wwlnNerl4. .� ae4en :yt r �. Heed 'O40b1 W N { A Rich History — — — .•� 1 Chartered in 1761 and incorporated in 1922, Home Town Locator �` �' the Town of Strasburg is known for its 0 Per Capita Personal Income American Civil War History and successful S49,948 pottery industry. In 1984, the downtown core y S40,727 was listed on both the National Register of 533,534 Historic Places and the Virginia Landmarks A Register. Now, the Town is revitalizing the downtown core while maintaining its 2010 2015 2020 cultural history and landscape. Fiscal Year Starting January 1st Simultaneously, Strasburg continues to work with multiple nonprofit organizations to U.S. Bureau of Economic Analysis(Data represents Shenandoah County) develop and protect the surrounding natural - -1 environment. Total Populaton of Strasburg 6,716 Personal Income 6,559 From 2010 to 2020, the average income of g 6,398 Shenandoah County has increased $33,534 to $49,948. FL Population 2010 2015 2020 Fiscal Year Stalling on July 1st From 2010 to 2020, the population of Strasburg increased by 5%. University of Virginia Weldon Cooper Center 36.5 S49,970 S205, 100 Median Age Median Household Income Median Home Price Source: Census Reporter 4 Town Government The Town of Strasburg is governed under a Council-Manager form of government. As a legislative body, the Town Council adopts all ordinances and resolutions, formulates and adopts general policies, adopts the budget, and sets tax rates. Additionally, the Council appoints the Town Manager, who oversees day-to-day municipal operations and provides guidance to the Town Staff. Town C itizen s •9 Town Council] /Tmrl• ager imirmirksitation riiiinfile F ili Public Works Fnance E''rrumi' PIanrrt9g and t Mies 4h4°ek prnEnk Ewing i III - Town Council Members ti Brandy Hawkins Boies (Mayor) . • Ken Cherrix (Vice Mayor) • Christie Monahan • S. John Massoud • Emily Reynolds • Taralyn Nicholson • Doreen Ricard • Dane Hooser • Ashleigh Kimmons Summary of Changes in Net Position as of June 30, 2021 Governmental Business-type Activities Activities Total 2021 2020 2021 2020 2021 2020 REVENUES Program revenues Charges for services $ 143,806 $ 128,314 $ 4,922,855 $ 4,843,577 $ 5,066,661 $ 4,971,891 Operating grants and contributions 1,231,411 658,394 - - 1,231,411 658,394 Capital grants and contributions 1,027,437 1,095,755 1,054,755 362,329 2,082,192 1,458,084 General revenues Property taxes 1,948,070 1,929,963 - - 1,948,070 1,929,963 Other taxes and fees 2,224,740 2,150,571 - - 2,224,740 2,150,571 Grants and contributions not restricted to specific programs 185,841 168,059 14,714 - 200,555 168,059 Revenue from use of money and property 2,718 98,813 13,096 132,834 15,814 231,647 Other 181,516 87,157 61,609 17,758 243,125 104,915 Total revenues $ 6,945,539 $ 6,317,026 $ 6,067,029 $ 5,356,498 $ 13,012,568 $ 11,673,524 EXPENSES General government administration $ 1,410,192 $ 651,290 $ - $ - $ 1,410,192 $ 651,290 Public safety 2,166,334 2,038,606 - - 2,166,334 2,038,606 Public works 1,631,656 1,537,002 - - 1,631,656 1,537,002 Health and welfare 13,573 11,613 - - 13,573 11,613 Community development 192,280 203,543 - - 192,280 203,543 Parks and recreation 305,861 218,608 - - 305,861 218,608 Interest on long-term debt 20,408 23,193 - - 20,408 23,193 Public utilities - - 6,028,841 5,531,483 6,028,841 5,531,483 Total expenses $ 5,740,304 $ 4,683,855 $ 6,028,841 $ 5,531,483 $ 11,769,145 $ 10,215,338 Change in net position before transfers $ 1,205,235 $ 1,633,171 $ 38,188 $ (174,985) $ 1,243,423 $ 1,458,186 Transfers (86,315) - 86,315 - - - Change in net position $ 1,118,920 $ 1,633,171 $ 124,503 $ (174,985) $ 1,243,423 $ 1,458,186 Net position,beginning 11,998,255 10,365,084 24,899,175 25,074,160 36,897,430 35,439,244 Net position,ending $ 13,117,175 $ 11,998,255 $ 25,023,678 $ 24,899,175 $ 38,140,853 $ 36,897,430 Above is a condensed version of the financial statements located in the Annual Comprehensive Financial Report. This statement shows the changes in Strasburg's net position over time. • Net position: the amount left over after the available financial resources (assets) have been used to pay for all financial obligations (liabilities). • Governmental Activities: the basic services provided by the Town, such as the police, recreation, and public works. Property taxes and local taxes finance these activities. • Business-Type Activities: the services provided by the Town, where the costs are covered by the consumers through a user fee. Examples include water, sewer, and trash services. 6 Government Activities �' s'• ;.::,, For Fiscal Year 2020- A!"", t , Revenu ,1.. ' •'', " •' `•':`:"' 2021, grants and the .47 ` general property taxes Fiscal Year 2020-2021 Reveunes accounted for 60% of Use Of Money • 10 the Town's total Business License _ 20/o revenue. Other Miscellaneous 5°° notable revenue Sales Tax 700 sources were the Other Taxes 8% meals taxes and other Meals Tax 12% taxes (comprised of General Property Tax 280o utility taxes and Grants 35oo Percentage of Revenue Source motor vehicle • � -a' • licenses). Expenses For Fiscal Year 2020- Fiscal Year 2020-2021 Expenses 2021, public safety, Other I 14•o public works, and Community Development 3% general government administration Parks and Recreation 5% accounted for 90% of Government Administration 25% all expenses for the Public Works 28% Town of Strasburg. Public Safety 3800 Percentage ofExpenses J Pro Majorjects Northern Shenandoah Business Park Improvements The Town has been working to design a 1/2 mile road extension to connect Borden Mowery Drive (currently a dead end) to Radio Station Road. Phase 1 of the project is now completed and we are now transitioning into the right-of-way acquisition phase. Estimates are that it could go to bid this fall with construction beginning in the Spring of FY23. , ,,, , ,,, ..,,-. ::-. ,,,',t .,-„--4 .,4g,igt c,,:- .4,-,,:c-‘r-r- '''.-1;11. :: :-' --4.,4 i tx'�. sr , // F t t._ ,s. s , ....,....i . ../.4.. , , . .., . .,.s. . ..., ,..,„.....1 _40„, 2, ,, / _7 ryn ggyyTh, , ,.s • , v r, fir . , ill. " - '' : 1,4 1+'r" NOREx MOWERv F g .k,} i'h . ii.:>?'''' 4 • \ I. e4 q,` For Information Only o°? * 'io`0 Aerial/Vicinity NOM iavena, . r. • ,.,,'/ .e : +p �4�a' xonne..SMnaM a.n aona.rrc aoo van aa NA, CD an Virginia Resources Authority Streetscape Improvements As part of the downtown revitalization, Streetscape improvements include concrete and brick paver sidewalks, ADA-compliant crosswalks, new trees, and historic-style lamps and signs. The Town is in Phase III, where it is making drainage related modifications. The project is tentatively planned for completion by September of 2022. Budget Process Every year, the finance management team prepares the annual financial budget. This budget comprehensively documents all financial information on the taxes levied by the Town, the revenues received, and required expenditures for current and future fiscal years. Once the management team completes the budget, it is presented to the Town Council for consideration and approval. The Town Council must approve the budget by June 30. After the council approves the budget, it is presented for public review and comments. Citizen comments and questions are reviewed by the council. After reviewing and revising the final draft, the annual budget is finalized for the next fiscal year. The Department of Finance and Town Council use generally accepted accounting principles established by the Financial Accounting Standards Board. This ensures the Town uses best financial practices to properly account for and manage tax payer dollars. For more information, please visit our website to view all budgets. https://www.strasburgva.com/finance/page/adopted-budget e' 1 Dp °e GELD 1 � Y Strasburg's I 4 Annual Budget 2 Cycle 3 9 How You Can Get Involved ,mil of • BURG Inside Wing Discover Y"`" GINIAC ,iodir '\ i‘ Town HAI Business Strasburg Want To " 540-465-9197 .= , [z lb Ati"iiiit Meetings Forms&Permits VIA/. Wit �kaitt Pik ik vt mu t Yaw/L. Vic .111,0( pot (A put, actaciluti,, a rc,c� c c .aa, t trc, th libtaktpotg. ge, tutA ,a1 ?f. . How You Can Get Involved: 1 . Give us a call, stop by our office, contact us via social media, or visit our website (https://www.strasburgva.com/contact) 2. Become a member of our various commissions and committees 3. \ ttend our Town Hall meetings 4.Volunteer in the Town's various events =_ • _ • „�' .8 1 f . .o . • .. . 1 T o ■ m ,. r - 11-1"P . . . r ct CD ct IA .1,... •,- Ms. U ir_ c . 4 E 0 / (it‘ni.6.1., O C4 CD ‘I1M .. ' . 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