County staff members have reported that after the first quarter of fiscal year 2018, the county budget remains in good fiscal health.
According to those projections, Loudoun’s government is expected to run a budget surplus of $52.2 million in the current fiscal year, which will end June 2018. Of that, $10 million will go into cash reserves, leaving up to $42.2 million for next year’s budget.
“We are in good shape so far,” said Assistant Director of Management and Budget Megan Bourke.
The surplus is based on forecast revenues $32.3 million above the revised budget, and forecast expenditures $19.8 below what is authorized in the county’s $1.5 billion General Fund.
After the first quarter last year, the county expected a $47.1 million surplus. The final audit of the fiscal year 2017 budget will be presented in December.
Bourke pointed out this year’s strong growth in personal property tax revenues, which are now expected to be nearly $21 million higher than projected in the budget.
Finance committee Chairman Matthew F. Letourneau (R-Dulles) also pointed to growth in revenue from data centers, with $19 million of that $21 million coming from higher-than-expected revenues from taxes on computer equipment.
The county is expecting to spend nearly $9 million less on personnel and $10.9 million less on operations and maintenance than the Board of Supervisors authorized in the 2018 budget.
The county has also received several large cash proffers, including $1.23 million from a rezoning at Brambleton, approved in 2014. It also includes $1 million from Carr Homes Inc., which in 2014 won rezoning approval for a development on Old Ryan Road.
In total, the county received $8.4 million in cash proffers from July to September.