Fairfax Overview

Fairfax Overview

City of Fairfax, is an independent city in the Commonwealth of Virginia in the United States. As of the 2010 census the population was 22,565, which had risen to an estimated 24,013 as of 2015..[5]

Fairfax CAFR

CAFR Year ended June, 2017

The audit report is completed at the end of the year for Fiscal Year (FY) 2017

The financial statements included in this report conform to generally accepted

accounting principles as promulgated by the Governmental Accounting Standards Board (GASB).

Financial Statements

Statement of Net Position

Statement of Activities

Balance Sheet

Statement of Revenues, Expenditures and Changes in Fund Balance ‐Governmental Funds

Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance of the Governmental Funds to the Statement of Activities

Financial Statements( cont)

Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Budgetary Basis) ‐ General Fund

Statement of Net Position ‐ Proprietary Funds

Statement of Revenues, Expenses and Changes in Fund Net Position

Proprietary Funds Statement of Cash Flows ‐ Proprietary Funds

Statement of Fiduciary Net Position

Statement of Changes in Fiduciary Net Position

Fairfax country rates

The Fairfax County unemployment rate was 3.2%.

Fairfax County is very diverse with 41 percent of companies owned by minorities, 36 percent by women and 11 percent by veterans

As of year-end 2016, the direct vacancy rates for the office market and industrial/flex markets were 15.8 percent and 9.5 percent, respectively, and represented decreases from the 16.2 percent and 11.1 percent rates in 2015.

OVERVIEW OF THE FINANCIAL STATEMENTS

Management’s Discussion and Analysis, Basic Financial Statements,Required Supplementary Information, and a Statistical Section.

Components of the Financial Report Basic Financial Statements Government-wide Financial Statements Fund Financial Statements Notes to the Basic Financial Statements Management’s Discussion and Analysis Required Supplementary Information Statistical

Revenue and Operating Fund Stabilization Reserve

The Park Revenue and Operating Fund’s committed fund balance for the stabilization reserve is $2,213,677, which is $41,917 less than the $2,255,594 amount that the Authority’s board adopted in the Park Revenue and Operating Fund in fiscal year 2017.

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions

liability of $52,081,396 for its proportionate share of the net pension liability.

The Authority’s proportion was 3.41%, a decrease of 0.08% from its proportion measured as of June 30, 2015.

The Authority recognized pension expense of $6,281,090

https://www.fairfaxcounty.gov/finance/sites/finance/files/assets/documents/pdf/cafr1/fy2017cafr.pdf


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