This policy is adopted in an effort to prudently and wisely utilize County landfill revenues, which are herein defined as those lease or host fees paid under contract by the landfill operator to the County, for the use of the land upon which the landfill is situated, as well as the landfill license, both of which are owned by the County of King George.
The following policy shall govern the use revenues received from the commercial landfill now managed by Waste Management under contract with the King George County Board of Supervisors.
Landfill funds are to be utilized in a manner to give maximum benefit to the residents of King George County, while likewise ensuring that capital needs are properly funded and cared for. The intent by this policy is to establish guidance for all King George County Boards of Supervisors and officials towards the use of Landfill Revenue Funds.
This policy shall also apply to any minimum payments made in lieu of those host or lease fees, should that occur.
There are, in addition to lease or host fees, certain other contractual obligations between the Lessor and Lessee. These additional requirements shall be utilized by the County as governed by the contract as it is in effect at the time of any such use.
Governing Financial Standards
Governmental Accounting Standards Board (GASB)
Generally Accepted Accounting Principles (GAAP)
Government Financial Officers Association (GFOA)
Financial Accounting Standards Board (FASB)
Auditor of Public Accounts of Commonwealth of Virginia (APA)
Code of Virginia.
Planning and Performance
Landfill revenue funds shall be initially accounted for in the Capital Improvements Fund.An annual revenue budget will be prepared in conjunction with the County’s operatingbudget.
The County will develop a five-year Capital Improvement Plan annually. The first year of this plan will be adopted and appropriated by the Board of Supervisors. This will be deemed the County’s Capital Budget for the fiscal year. (See Capital Improvement Policy)
As part of the budget cycle, a debt service budget is also develop that incorporates all currently outstanding debt as well as any anticipated new debt issues for approved capital projects.
Use of Funds
The primary use of landfill revenue shall be funding any outstanding debt service forSchools, General Government, or other approved capital projects, as determined by theBoard of Supervisors.
The secondary use of landfill revenue shall be for direct expenditure for those capital needs approved by the Board in the current year capital projects budget (i.e. cash funded).
Any funds remaining from these uses for the current fiscal year shall be left remaining in the County's Capital Improvements Fund, as Assigned.
Any uses outside of this policy must be approved by the Board of Supervisors