Sussex County records fifth consecutive gain, annual financial report shows

Georgetown, Del., Jan. 27, 2015: Sussex County’s finances remain solidly in positive territory, a new annual report shows, with a still-improving economy and strong budgeting principles to thank for keeping the County in the black.

Sussex County Council, at its Tuesday, Jan. 27, 2015, meeting, received the Audited Financial Statements for Fiscal Year 2014 from BDO USA, LLP, a firm of licensed certified public accountants. The auditors released an unqualified report noting the financial statements “present fairly, in all material respects, the respective financial position” of Sussex County as of June 30, 2014. The financial report is presented annually to detail the County government’s finances for the previous fiscal year.

For Fiscal Year 2014, Sussex County ended the budget year overall with $4,021,640 in revenues over expenditures, giving the County its fifth year in a row with gains in its operating fund. As in recent years, the 2014 financial boost was again fueled by strong housing-related revenues, including realty transfer taxes, as well as fees collected through building inspections and building permits.

County leaders, expecting the added revenue when the FY2015 budget was adopted in June, have designated the money for a variety of needs, including the community development emergency housing fund, pension fund, libraries, public safety, and community services.

“Although the County saw a 14 percent increase in revenues over the Fiscal Year 2014 budget, we continue to keep a sharp eye on our expenses,” Finance Director Gina A. Jennings said. “And to that end, our expenses for last year came in under budget, which I think demonstrates our fiscal stewardship and discipline in spending.”

According to the report, actual revenues were $7 million above budgeted revenues for Fiscal Year 2014, but a portion of those gains – about $3 million – were offset by additional expenses in the County’s capital projects fund. That resulted in the net overall gain coming in at approximately $4 million, but still above the budgeted projection.

The realty transfer tax, the 3 percent levy on all property sales and one of the County’s most significant streams for its general fund, netted $20.9 million in Fiscal Year 2014. That was $3.5 million above the previous year, and $4.9 million over the budgeted amount that had been expected in FY2014.

Council President Michael H. Vincent praised the County’s financial team for helping the County earn another year of high marks, and added the report should give the public continued confidence in how their dollars are being managed.

“This report shows how seriously we take the public’s business, especially when it comes to managing and leveraging their hard-earned dollars,” Council President Vincent said. “I am proud of the work our staff do each and every day to provide quality services to the people, and doing so in a fiscally responsible, efficient way. I know our constituents appreciate the best value for their investment, and Sussex County continues to deliver that year after year.”

Sussex County has submitted the Fiscal Year 2014 financial report to the Government Finance Officers Association of the United States and Canada for consideration of its Certificate of Achievement for Excellence in Financial Reporting award. The County has received the award the past 12 years. Ms. Jennings said she is optimistic the County will receive the same recognition for the Fiscal Year 2014 report.

The complete report and other information will be available on the County’s website at sussexcountyde.gov.

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