Government Finances

County Government Structure

• Chesterfield has a Charter form of government.
• A five member Board of Supervisors is elected by district.
• The Board appoints the County Administrator.

Scope of Services

• County provides all local government services.
• No overlapping of boundaries with cities or towns.
• Public education supported by county taxes via transfer to the School Board.

Assessed Value and Property Taxes

• Property tax rates established by the Board of Supervisors each spring after a public hearing.
• FY 2009 General Governmental Expenditures budget $749.36 million.
• Total assessed value of taxable property value in 2007 exceeded $33.7 billion.

County Debt

• General obligation debt must be approved in referendum.
• Debt secured solely by project revenue does not require referendum. The debt management policy sets a ceiling ratio of debt to assessed value at 3.5 percent.
• No legal debt limit; in practice, county limits general obligation debt to 3.5 percent of assessed value and a target ratio of 3 percent.
• Ratio of debt to assessed value in FY 2007 was 1.24 percent.

Other Financial Issues

• Virginia law requires a balanced budget.
• Chesterfield Department of Budget & Management prepares the current Biennial Financial Plan.
• Board policy maintains an undesignated fund balance of 5 percent and a target of 7.5 percent of planned operating expenditures.
• One of the few counties in the nation to hold both the Award for Distinguished Budget Presentation and the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association.
• Consistently improving bond ratings allow the county's general obligation bonds to trade at AAA rates.

Bond Ratings

• Chesterfield County is one of only a few counties in the nation to hold AAA ratings from all three major bond rating agencies. This status reflects exceptional management of financial operations and conservative fiscal policies.