AGENDA REQUEST

Sponsor:

Board of Supervisors Meeting Date: 

Raymond E. Graham, Chairman, Cedar Run District Supervisor

June 8, 2006

Staff Lead:

Department: 

Vivian McGettigan, Finance Director

Finance

Topic: 

A Resolution to Opt Out of Tenancy in Common for School Board Property, Pursuant to Code Section 15.2-1800.1 of the Code of Virginia

Topic Description:

Approval of this resolution only impacts the financial reporting in the Comprehensive Annual Financial Report of capital assets acquired for the School Board through debt incurred by the County.  In Virginia, schools are considered component units of the local government and are, therefore, reported in a separate column apart from the primary government. They are separate legal entities, but have no taxing authority.  Schools depend on their local government for substantial resources, including the issuance of bonds for construction when such resources are needed.

Two financial reporting presentations exist in Virginia, which produce significantly different results for certain components of the government-wide financial statements, reducing comparability of financial statement data among governments.   Approval of this resolution will result in presentation of Schools’ assets in accordance with National guidance provided by the Governmental Accounting Standards Board.    The financial reporting for the jurisdictions that have opted out has been enhanced by the addition of a “Total Reporting Entity” column, which focuses the reader on the unique County and Public Schools relationship that exists in Virginia. 

 

Requested Action of the Board of Supervisors: 

Consider adoption of the attached resolution.

Financial Impacts Analysis:

None

Identify any other Departments, Organizations or Individuals that would be affected by this request:

Finance

Fauquier County Public Schools

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