Finance and Budget Committee - Part I - Oct 14, 2025

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Prince William County Finance and Budget Committee 1h 1m 4 speakers 8 agenda items transcribed 6 days ago official recording ↗

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What approvals and conflict‑of‑interest disclosures were made at the start of the meeting?

Andrea O. Bailey 0:03

Good morning, everyone, and welcome to our Tuesday, October 14th, Finance and Budget Committee. Looking around, we have a quorum, so that takes care of item one. Item number two, approval of the minutes. Can I get a motion to approve the minutes from September 16th, 2025? So moved.

Unknown 0:23

Second.

Andrea O. Bailey 0:24

Moved and properly seconded. I'll give it to Jefferson Bailey. Any discussion? Seeing none. Are we doing eyes or are we doing...

Yesli Vega 0:35

All in

Andrea O. Bailey 0:35

favor by saying aye. Aye. Any opposing or abstentions? None. Let's move forward. Thank you so much. Before we move on to item number three, both Supervisor Angry and I have a statement to read. Before the board considers and discusses issues related to the Prince William County Schools, I need to declare a personal item in this matter. My wife is employed by the schools. As a school's employee, my wife and I are members of a group that is affected by these matters. Are we participating in these matters? Because I am able to do so fairly, objectively, in the public interest.

Yesli Vega 1:11

Before the board considers, excuse me. Before the board considers and discusses issues related to the Prince William County Schools, I need to declare a personal interest in this matter. My wife is employed by the schools. My goodness. Okay. As a school employee, my wife and I are a member of a group which is affected by these matters. I will be participating in these matters because I am able to do so fairly objectively and in the public interest.

Andrea O. Bailey 1:39

Thank you. And as soon as Angry gets that frog out of his throat, I will turn it over to the county executive.

Unknown 1:46

Thank you very much, Chair Bote and members of the committee. And so we have really, I would say, long anticipated just because we've been talking about this session for a few months now and appreciate that we're able to really start our budget planning with this kind of conversation with the committee. And so we're going to have both the finance department and our Office of Management and Budget provide an update. This will be, we'll start with the financial outlook and then we'll move into a budget outlook where we'll talk a bit about some of the pressures that we'll have going into this budget cycle. And so with that, we're going to start with Tim LeClair. He is going to walk us through the finance department slides, and then we'll have Dave Sinclair walk us through the budget slides.

Unknown 2:41

Good morning, Chair Bodie, Vice Chair Gordy, and members of the committee. My name's Tim LeClair from the Finance Department. I have a wonderful team behind me that came today to help save my voice in answering questions. If it stops working, I apologize in advance. So let's begin with fiscal year 25. Look at that, I already went too far. Let's begin with a snapshot of fiscal year 25 revenue performance. This sets the foundation for our outlook and helps us understand how our fiscal strategies have played out over the past year. This slide outlines our current tax structure. Real property was taxed at 92 cents per $100 of valuation and personal property including vehicles and business equipment was taxed at $3.70 per 100.

Unknown 3:37

Significant tax relief for vehicle owners, especially those with lower valuations, has been in place for many years, although the percentage of relief has been reduced each year as the General Assembly provides a fixed dollar amount spread over an increasing vehicle base. Our food and beverage tax remained at 4%, contributing to a diversified revenue stream. Our preliminary unaudited revenue for fiscal year 25 totals approximately $1.6 billion. Real estate and personal property taxes remain our largest contributors, followed by sales tax, food and beverage, BPOL, and investment income. This strong performance reflects both economic resilience and effective fiscal management. As of Q4, we're forecasting a revenue surplus of $10.9 million.

Unknown 4:30

0.7% above our adopted budget. This level of accuracy in forecasting is exceptional and speaks to the strength of our financial modeling, monitoring, and some luck with significant revenue sources that remain opaque such as data center equipment.