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COVER PAGE



Entity
Document Title	CAFR
Name of Government	County of Loudoun, Virginia
Fiscal start date	July 1, 2017
Fiscal end date	June 30, 2018
Name of State	Virginia
Census Bureau's GID	47105405400000

Audit Letter
Date of Audit Opinion	November 30, 2018		Letter of Transmittal
Name of Audit Firm	CherryBekaert LLP	Type of Government		County
Audit Opinion	Unmodified	Date of Transmittal		November 30, 2018

Statement of Net Position
Statement of Activities
Balance Sheet
Statement of Revenues, Expenditures, and Changes in Fund Balances


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			Exhibit I

County of Loudoun, Virginia
STATEMENT OF NET POSITION
As of June 30, 2018

	Primary	Component
	Government	Unit	Total
	Governmental	School	Reporting
	Activities	Board	Entity
ASSETS
Cash and Cash Equivalents	$ 1,176,244,905	$ 312,284	$ 1,176,557,189
Restricted Cash and Investments	257,877,899	6,204,817	264,082,716
Receivables, Net:
Taxes:
Delinquent	33,733,738	-	33,733,738
Not Yet Due	601,927,446	-	601,927,446
Accounts	13,886,225	7,649,181	21,535,406
Due from Other Governments	49,428,368	17,749,609	67,177,977
Due from Primary Government	-	282,371,071	282,371,071
Due from Component Unit	-	10,682	10,682
Due from OPEB Trust	38,219	-	38,219
Inventory	52,736	1,092,184	1,144,920
Prepaid Items	1,239,295	184,620	1,423,915
Notes and Loans Receivable, Net	4,741,020	-	4,741,020
Capital Assets:
Non-depreciable	364,130,258	417,683,208	781,813,466
Depreciable, Net	994,461,689	1,419,792,877	2,414,254,566
Capital Assets, Net	1,358,591,947	1,837,476,085	3,196,068,032
Total Assets	3,497,761,798	2,153,050,533	5,650,812,331

DEFFERED OUTFLOWS OF RESOURCES
Deferred Amounts Related to Pensions	21,519,473	171,886,000	193,405,473
Deferred Amounts Related to OPEB	1,504,157	28,508,136	30,012,293
Deferred Amount on Refunding Debt	4,739,781	-	4,739,781
Total deferred outflows of resources	27,763,411	200,394,136	228,157,547

LIABILITIES
Accounts Payable	53,253,625	45,571,809	98,825,434
Accrued Interest Payable	12,794,492	311,974	13,106,466
Accrued Liabilities	14,560,472	82,700,170	97,260,642
Unearned Revenues	11,007,458	3,671,530	14,678,988
Due to Component Unit	282,371,071	-	282,371,071
Due to Primary Government	-	10,682	10,682
Other Liabilities	6,823,603	3,673,009	10,496,612
Long-term Liabilities:
Due Within One Year	145,043,873	31,104,147	176,148,020
Due in More Than One Year	1,665,010,778	1,159,293,082	2,824,303,860
Total Long-term Liabilities	1,810,054,651	1,190,397,229	3,000,451,880
Total Liabilities	2,190,865,372	1,326,336,403	3,517,201,775

DEFERRED INFLOWS OF RESOURCES
Property Taxes Not Yet Due	601,927,446	-	601,927,446
Prepaid Taxes	27,984,371	-	27,984,371
Deferred Amounts Related to Pensions	15,058,744	99,145,000	114,203,744
Deferred Amounts Related to OPEB	5,737,852	9,726,502	15,464,354
Deferred Amount on Refunding Debt	3,279,592	-	3,279,592
Total Deferred Inflows of Resources	653,988,005	108,871,502	762,859,507

NET POSITION
Net Investment in Capital Assets	1,237,487,750	1,787,598,402	3,961,462,111	A
Restricted for:
Capital Projects	108,970,458	-	108,970,458
Legal Agreement	-	2,293,825	2,293,825
Permanent Fund-Nonexpendable	-	25,870	25,870
Public Facilities and Services	93,949,255	-	93,949,255
Affordable Housing	32,886,904	-	32,886,904
Transportation	45,627,480	-	45,627,480
Library Services	4,435,863	-	4,435,863
Tourism	1,307,747	-	1,307,747
Emergency Transport Program	5,235,145	-	5,235,145
Other Purposes	971,619	-	971,619
Unrestricted	(850,200,389)	(871,681,333)	(2,658,257,681)	A
Total Net Position	$ 680,671,832	$ 918,236,764	$ 1,598,908,596

A The sum of the columns does not equal the Total Reporting Entity column by a difference of $936,375,959 because the debt related to the
School Board Component Unit is reflected in the Primary Government's governmental activities column reducing unrestricted net position.
The assets are reflected in the School Board Component Unit column as Net Investment in Capital Assets. The Total Reporting Entity
column matches the asset with the debt and reports the net amount on the Net investment in Capital Assets line.


See accompanying notes to the financial statements.

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							Exhibit II

County of Loudoun, Virginia
STATEMENT OF ACTIVITIES
For the year ended June 30, 2018


					Net (Expense) Revenue and
		Program Revenues			Changes in Net Position
					Primary	Component
			Operating	Capital	Government	Unit	Total
		Charges for	Grants and	Grants and	Governmental	School	Reporting
Functions/Programs Activities	Expenses	Services	Contributions	Contributions	Activities	Board	Entity
Primary Government:
General Government Administration	$ 106,415,722	$ 1,370,381	$ 839,362	$ 2,567,990	$ (101,637,989)	$ -	$ (101,637,989)
Judicial Administration	15,467,018	1,431,886	2,099,988	-	(11,935,144)	-	(11,935,144)
Public Safety	200,837,715	25,148,431	19,137,410	385,941	(156,165,933)	-	(156,165,933)
Public Works	54,001,167	7,822,486	6,967,157	15,282,541	(23,928,983)	-	(23,928,983)
Health and Welfare	96,850,956	8,181,685	34,298,090	-	(54,371,181)	-	(54,371,181)
Parks, Recreation and Culture	63,441,891	18,383,223	564,644	-	(44,494,024)	-	(44,494,024)
Community Development	223,699,567	20,066,372	21,603,239	16,030,962	(165,998,994)	-	(165,998,994)
Education	947,494,077	-	35,986	-	(947,458,091)	-	(947,458,091)
Interest and Other Debt Service Charges	40,898,539	-	-	-	(40,898,539)	-	(40,898,539)
Total Primary Government	$ 1,749,106,653	$ 82,404,464	$ 85,545,876	$ 34,267,434	$ (1,546,888,879)	$ -	$ (1,546,888,879)


Component Unit:
School Board	$ 1,170,964,079	$ 22,056,058	$ 65,654,049	$ 195,274,010		$ (887,979,962)	$ (887,979,962)

	General Revenues:
	Taxes:
	Property Taxes, Levied for General Purposes				1,227,487,897	-	1,227,487,897
	Local Sales and Use Taxes				106,362,027	-	106,362,027
	Consumer Utility Taxes				22,094,646	-	22,094,646
	Business License Taxes				36,760,291	-	36,760,291
	Franchise License Taxes				887,660	-	887,660
	Motor Vehicle Licenses				7,096,295	-	7,096,295
	Bank Franchise Taxes				6,113,457	-	6,113,457
	Taxes on Recordation and Wills				11,715,471	-	11,715,471
	Hotel and Motel Room Taxes				6,639,720	-	6,639,720
	Payment from County				-	737,000,680	737,000,680
	Payment from Component Unit				21,253,042	-	21,253,042
	Interest and Investment Earnings				20,226,860	-	20,226,860
	Grants and Contributions Not Restricted to Specific Programs				58,386,236	310,022,301	368,408,537
	Revenue from Use of Money and Property				-	1,995,096	1,995,096
	Miscellaneous				7,447,092	5,694,251	13,141,343
	Total General Revenues				1,532,470,694	1,054,712,328	2,587,183,022
	Change in Net Position				(14,418,185)	166,732,366	152,314,181
	Net Position at Beginning of Year, as restated (Note XXII)				695,090,017	751,504,398	1,446,594,415
	Net Position at End of Year				$ 680,671,832	$ 918,236,764	$ 1,598,908,596



See accompanying notes to the financial statements.

Go back to cover page			33


					Exhibit III

County of Loudoun, Virginia
BALANCE SHEET
GOVERNMENTAL FUNDS
As of June 30, 2018


				Non-Major	Total
		Capital	Debt	Governmental	Governmental
	General	Projects	Service	Funds	Funds
ASSETS
Cash and Cash Equivalents	$ 1,174,150,478	$ -	$ -	$ 2,094,427	$ 1,176,244,905
Restricted Cash and Investments	69,291,597	168,046,178	4,994,048	13,682,076	256,013,899
Receivables, Net:
Taxes:
Delinquent	31,877,304	-	-	1,856,434	33,733,738
Not Yet Due	601,927,446	-	-	-	601,927,446
Accounts	6,919,378	1,802,001	27,355	4,443,820	13,192,554
Due from Other Governments	40,822,517	4,857,903	-	1,239,152	46,919,572
Interfund Receivables	-	307,831,916	87,148,433	199,643,515	594,623,864
Prepaid Items	543,745	-	96,588	-	640,333
Notes and Loans Receivable, Net	780,495	-	-	3,960,525	4,741,020
Total Assets	$ 1,926,312,960	$ 482,537,998	$ 92,266,424	$ 226,919,949	$ 2,728,037,331

LIABILITIES
Liabilities:
Accounts Payable	$ 12,233,548	$ 29,751,529	$ 170,503	$ 8,544,969	$ 50,700,549
Accrued Liabilities	13,062,106	-	-	99,527	13,161,633
Unearned Revenues	5,541,768	313,722	-	5,151,968	11,007,458
Interfund Payables	655,023,180	-	-	717,265	655,740,445
Due to Component Unit	232,360,806	7,033,000	41,162,092	1,609,943	282,165,841
Other Liabilities	5,090,539	-	-	1,733,064	6,823,603
Total Liabilities	923,311,947	37,098,251	41,332,595	17,856,736	1,019,599,529

DEFERRED INFLOWS OF RESOURCES
Property Taxes	11,998,879	-	-	618,311	12,617,190
Property Taxes Not Yet Due	601,927,446	-	-	-	601,927,446
Prepaid Taxes	27,805,587	-	-	178,784	27,984,371
Total Deferred Inflows of Resources	641,731,912	-	-	797,095	642,529,007

FUND BALANCES:
Non-spendable	1,324,240	-	-	-	1,324,240
Restricted		308,282,300	-	184,014,500	492,296,800
Committed	226,632,199	120,306,222	-	16,947,255	363,885,676
Assigned	33,784,272	16,851,225	50,933,829	7,304,363	108,873,689
Unassigned	99,528,390	-	-	-	99,528,390
Total Fund Balances	361,269,101	445,439,747	50,933,829	208,266,118	1,065,908,795

Total Liabilities, Deferred Inflows of
Resources and Fund Balances	$ 1,926,312,960	$ 482,537,998	$ 92,266,424	$ 226,919,949	$ 2,728,037,331



See accompanying notes to the financial statements.

Go back to cover page		34


					Exhibit V

County of Loudoun, Virginia
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For the year ended June 30, 2018


				Non-Major	Total
		Capital	Debt	Governmental	Governmental
	General	Projects	Service	Funds	Funds
REVENUES
General Property Taxes	$ 1,203,943,441	$ -	$ -	$ 23,276,192	$ 1,227,219,633
Other Local Taxes	160,587,445	887,660	-	36,194,462	197,669,567
Permits and Licenses	26,413,319	-	-	3,465	26,416,784
Fines and Forfeitures	2,059,764	-	-	291	2,060,055
Use of Money and Property	14,018,102	1,507,565	2,795,179	1,906,014	20,226,860
Charges for Services	39,286,622	-	-	5,980,006	45,266,628
Gifts and Donations	107,369	-	-	30,717,656	30,825,025
Miscellaneous	665,699	1,298,495	1,290,657	150,130	3,404,981
Recovered Costs	11,708,816	-	-	994,292	12,703,108
Intergovernmental - Commonwealth	87,771,389	15,960,172	-	5,151,420	108,882,981
Intergovernmental - Federal	9,662,906	70,790	-	10,907,313	20,641,009
Payment from Component Unit	15,674,101	5,578,941	-	-	21,253,042
Total Revenues	1,571,898,973	25,303,623	4,085,836	115,281,241	1,716,569,673

EXPENDITURES
Current Operating:
General Government Administration	91,968,373	2,073,179	-	1,113,371	95,154,923
Judicial Administration	14,772,826	-	-	121,993	14,894,819
Public Safety	185,602,390	1,177,615	-	5,409,771	192,189,776
Public Works	18,003,377	7,411,186	-	19,331,783	44,746,346
Health and Welfare	75,884,270	474,331	-	19,872,318	96,230,919
Parks, Recreation and Culture	55,586,926	494,055	-	1,040,551	57,121,532
Community Development	50,516,282	165,146,007	-	8,048,437	223,710,726
Education	778,824,151	3,750,000	19,144,926	145,775,000	947,494,077
Capital Outlay	-	77,152,973	-	2,650,016	79,802,989
Debt Service:
Principal Payments	-	-	118,240,000	-	118,240,000
Interest	-	-	49,810,134	-	49,810,134
Service Charges	-	-	1,353,490	-	1,353,490
Total Expenditures	1,271,158,595	257,679,346	188,548,550	203,363,240	1,920,749,731

Excess (Deficiency) of Revenues Over
(Under) Expenditures	300,740,378	(232,375,723)	(184,462,714)	(88,081,999)	(204,180,058)

OTHER FINANCING SOURCES (USES)
Transfers In	7,856,807	285,049,682	185,676,430	180,223,892	658,806,811
Transfers Out	(285,326,877)	(14,102,360)	(2,789,454)	(365,160,965)	(667,379,656)
Bonds Issued	-	-	-	148,275,000	148,275,000
Federal Loans Issued	-	-	-	69,198,788	69,198,788
Pledged Bond Anticipation Notes Issued	-	-	-	56,645,000	56,645,000
Premium on Bonds Issued	-	-	9,841,786	-	9,841,786
Discount on Bond Anticipation Notes	-	-	(205,621)	-	(205,621)
Sale of Capital Assets	339,200	-	-	-	339,200
Total Other Financing Sources (Uses), net	(277,130,870)	270,947,322	192,523,141	89,181,715	275,521,308

Net Change in Fund Balances	23,609,508	38,571,599	8,060,427	1,099,716	71,341,250

Fund Balances at Beginning of Year	337,659,593	406,868,148	42,873,402	207,166,402	994,567,545
Fund Balances at End of Year	$ 361,269,101	$ 445,439,747	$ 50,933,829	$ 208,266,118	$ 1,065,908,795



See accompanying notes to the financial statements.

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