By Matt de Simone
Fincastle Town Council heard an audit presentation from Corbin Stone, CPA of Robinson Farmer Cox Associates, during council’s regular monthly meeting in Fincastle last Thursday night.
According to Stone, the audit “went well” with the town receiving “an unqualified/unmodified opinion.” The audit was completed this past spring with the town’s financial statements being “materially correct” and in good order. Stone’s firm performs an audit of the town’s General Fund and Water and Sewer funds annually.
Stone went over some of the numbers and nuances in the town’s financial statements. The town’s general fund balance at the end of the year was $335,000 with assets and liabilities increased over prior years. Stone explained to council that the impact of the Big Spring Park grants causes these balances to increase until the funds can be spent for approved projects. In addition, the Water and Sewer Fund has also increased due to ARPA funds that were not expended as of the end of the accounting period.
Stone recommended that the town produce adjusted interim budgets, to re-allocate expenses between line items as the fiscal year progresses.
Jonathan Stanton of the Roanoke Valley-Alleghany Transportation Planning Organization (RVTPO) gave a presentation about a recent RVTPO study area boundary adjustment and how it may affect Fincastle and the implications involved in this adjustment.
According to information provided by Stanton to council, Metropolitan Planning Area (MPA) boundaries (the “TPO Study Area”) are adjusted following each decennial census (10 years). Updates are required to at least encompass the urbanized area as defined by the census. These updates should also encompass any area expected to become urbanized within the next 20 years. Boundaries may account for regional economic development and growth forecasting areas.
Stanton provided council with a map of a proposed MPA boundary adjustment and what it could look like in the area with a boundary extending just north of the Town of Fincastle. The town has until 2026 to make its decision on whether or not to agree to join the TPO.
The RVTPO representative feels that there isn’t a downside for the town to join the TPO, although it may be possible the town could be excluded from rural grants. Stanton said that is “relatively minor” to some of the benefits to being a part of the TPO.
Council agreed to further discuss the matter of joining the TPO before making any decision. Mayor Mary Bess Smith noted that one of the most important transportation issues for the town is the construction of the Springwood Road extension/bypass project, which is not included on the current map. Council voted to continue discussions on the matter in order gather information before making a final decision about the TPO. One advantage to joining the TPO would be having corridor studies that would lead to reducing speed limits and other roadway issues in town.
The RVTPO is the “transportation side” of the planning of local transportation projects originally created in the 1970s to plan regionally for roadway networks and roadway construction. They act as a “passthrough” for federal dollars to localities to be spent on roadway projects. The RVTPO currently covers parts of Botetourt County, Roanoke County, Roanoke City, Vinton, and Salem.
The MPA is the area served by the RVTPO with boundaries that impact TPO study area funding resources. Areas which fall within the MPA boundaries may be classified as “urban” and may be eligible for different federal grants and funding streams. Localities which fall within the MPA boundary have representation in the Roanoke Valley TPO.
The next steps in this process could potentially see the RVTPO receiving recommendations from the town. Once a final MPA boundary is approved, the geo-spatial file and formal letter will be sent to the Virginia Department of Transportation (VDOT) and forwarded to the governor for approval. Once approved, the revised boundary will be shared with the Federal Highway Administration (FHWA) and Federal Transit Administration (FTA).
