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By Coy Ferrell
May 10, 2023
The Loudoun County government is expected to have a $146 million surplus at the end of the current fiscal year, budget officials told a Loudoun County Board of Supervisors committee May 9. Fiscal year 2023 ends June 30.
County government budgets, which by law must be balanced, generally end the year with a surplus since budget planners project revenue conservatively to avoid an expected shortfall. The county had a $114 million fund balance from FY 2022, most of which was allocated to contingency funds and to offset one-time costs in FY 2023.
This year’s expected surplus was driven largely by real estate tax revenue, which in turn is most significantly driven by the continued growth of the data center industry, Caleb Weitz, the county’s assistant budget director, told members of the Finance, Government Operations and Economic Development Committee. Other factors were higher-than-expected revenues from personal property taxes on vehicles and returns from the county’s investment fund as interest rates increased.