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FairfaxAccountants: Vienna on 'solid financial footing'

Accountants: Vienna on ‘solid financial footing’

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Despite economic turbulence and high inflation, Vienna remained on solid financial footing at the end of fiscal year 2022, consultants told the Vienna Town Council Dec. 5.

A representative of the accounting firm Robinson, Farmer, Cox Associates presented the comprehensive financial report, which was required under state law.

The town’s general fund saw its unassigned fund balance rise by $655,000 or 13.7 percent. The consulting firm attributed this to higher-than-expected revenues from business licenses and sales taxes, plus savings from staff vacancies and deferred paving costs because of supply-chain problems.

(The paving deferrals also resulted in the loss of some reimbursement from the commonwealth.)

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The town’s Water and Sewer Fund ended the last fiscal year on June 30 $5.8 million, or 30.2 percent, higher. Robinson, Farmer, Cox Associates said more than half of that increase was because of infrastructure investments worth more than $3.3 million, plus savings from vacant positions and higher fees from developers because of several commercial projects.

The town’s pension funds decreased 1.9 percent from fiscal year 2021 because of a slight decrease in contributions, lower investment income in fiscal 2022 and an increase in police-pension funds.

The balance of Vienna’s debt-service fund shrank $254,000 in fiscal 2022 largely because of higher debt payments from the 2020 and 2022 bonds.

Meals-tax revenues, which finance the town’s capital improvements, rose 27.5 percent in fiscal 2022 as restaurants fully recovered from the pandemic – and then some. Town officials plan to draw down that surplus to pay for the 2020 bond issue and construction of the new Vienna Police Headquarters.

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