HENRY COUNTY, Va. (rbs news now) — An audit conducted by Creedle, Jones & Associates, P.C., shows Henry County’s net position grew by $24 million in fiscal year 2024.

Kim Jackson, a representative of the auditing firm, presented the findings at the December 17 meeting of the county board of supervisors.

Net position measures the difference between an entity’s assets and liabilities, serving as an indicator of long-term financial stability.

“These findings demonstrate that the county is on solid financial footing,” said Darrell Jones, the county’s Chief Financial Officer. “We always have to be mindful of current trends and we have to put in place the necessary contingencies to address both anticipated and unexpected future expenditures but these are certainly good indicators for the county’s financial health. A lot of that can be attributed to the board’s financial policies, investment strategy, and asset management.”

Key factors contributing to the $24 million increase include the acquisition of the Monogram Foods Smith River Sports Complex and the payoff of a balloon note used to finance the Henry County Adult Detention Center (ADC), according to a news release.

The combination of asset gains and reduced liabilities played a major role in strengthening the county’s overall financial position, the release said.

The county’s unassigned fund balance, representing funds available for discretionary spending, grew by $6 million, bringing the total to $44.1 million.

However, due to a self-imposed cap adopted by the board to support long-term bonds and minimize tax reliance for capital projects, only $17.3 million of the unassigned balance is currently available.

While the unassigned fund balance increased, the county’s overall fund balance decreased by nearly $8.9 million, largely due to the repayment of the ADC balloon note, the release stated.

In other matters, the board:

• Approved a resolution honoring Rita Shropshire for her 63 years of public service
• Adopted changes to its attendance policy for board members to participate in meetings electronically. The changes will be reflected in the board’s bylaws scheduled to be considered at its organizational meeting
• Approved an additional appropriation of $26,398 received from vehicle insurance settlements to go towards the purchase of a replacement vehicle for the department of public safety
• Approved an additional appropriation of $49,975 received from Ford Motor Company to purchase a replacement vehicle for the parks & recreation department
• Approved an additional appropriation of $14,489 received from the Edward Byrne Memorial Justice Assistance Grant to pay for overtime hours deputies
• Awarded a contract to Haley Ford in the amount of $215,871 to purchase five 2025 Ford Police Interceptor Utility vehicles
• Set January 6, 2025, at 1 p.m. as the date for the board’s 2025 organizational meeting
• Received an update from the Blue Ridge Regional Library
• Recognized the winning teams from the parks & recreation football and girls basketball seasons.
• Approved a request to rezone approximately 0.23-acres of the Reed Creek District from Commercial District B-1 to Mixed Residential District M-R
• Reappointed Jeanette Hurd, Pamela Randall, and Bonnie Favero to the ANCHOR Commission for terms set to expire December 31, 2028
• Reappointed Charlie Martin, Rodney Clark, Bruce Adkins, Eddie Light, and Larry Wright to the Building Code Board of Appeals for terms set to expire January 31, 2029
• Reappointed Daryl Emberson, H. William Martin, Jr., Ken Adkins, Joe Scarce, and Joel Barnes to the Fire Code Board of Appeals for terms set to expire on January 31, 2029
• Reappointed Barry Jarrett to the Ninth District Development Financing, Inc., for a term set to expire December 31, 2026
• Executed a deed conveying 19.64 acres of property containing Phase 6A of the Dick & Willie Passage from the board to itself. The purpose of the conveyance is to enact deed restrictions on the property in compliance with the Land and Water Conservation Act of 1965

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