Explore the Budget
On April 5, 2023, the Board of Supervisors voted to adopt the FY2024 Budget and FY2024-2028 Capital Improvement Program, with a subsequent amendment on June 28, 2023. The final adopted budget (inclusive of all funds) totals $1.9 billion, an increase of $164.2 million (or 9.3%) over the FY2023 Adopted Budget. Of the total consolidated budget, the adopted General Fund budget totals $951.8 million, an increase of $45.2 million (or 5.0%) compared to the FY2023 Adopted Budget. While Chesterfield has much to be proud of over the last year, we are unwavering in our commitment to our vision to be an extraordinary and innovative community in which to live, learn, work and play.
How Total County Funds are Invested
The County's total FY2024 Adopted Budget, net of transfers between funds, is $1.94 billion
Snapshot of the Budget Process
Planning and Preparation
During the summer months, planning efforts begin to prepare for the next budget cycle. Staff is comparing the fiscal year that just ended to the one that is just beginning to identify structural issues that should be addressed in the next cycle. The first part of the budget that begins to take shape during this late summer time frame is the Capital Improvement Program (CIP). Staff is reviewing and evaluating projects for the capital program - to include community facilities, infrastructure projects, land acquisition, major studies, and equipment purchases. Staff also begin to explore project financing capacity and assess how projects connect with community priorities and goals within the County's Strategic Plan and Comprehensive Plan.
Community Engagement and Development
Through the Blueprint Chesterfield initiative, the County engages with the community to learn what is most important to Chesterfield residents and businesses and share information about how to stay connected throughout the budget development process. Consistently, the community confirms agreement with established priorities focusing on education, public safety, transportation, and taking care of existing assets. The community also recognizes the need to address our shifting demographics, alternative transportation options, and revitalizing our older communities.
Revenues, Presentations, and Feedback
Early in the calendar year, real estate property assessments are finalized and the revenue outlook is evaluated. The Board of Supervisors decides which tax rates to advertise and holds a work session to review the projected revenues for the upcoming year. Also, during this time, the School Board approves the school division's operating and capital budgets. The County Administrator will present the proposed budget during a work session with the Board of Supervisors followed by a round of community meetings to review and discuss the plan as well as gather citizen input. In late March, the Board of Supervisors holds public hearings related to the budget.
Budget Adoption, Fiscal Year-End
Per County code, the Board of Supervisors must adopt the CIP and Budget before May 1. The Board of Supervisors held a public meeting on April 5, 2023, and unanimously adopted the FY2024 Budget. Closing out the prior year culminates with year-end projections and final adjustments to be approved by the Board of Supervisors.