RD537 - Virginia Resources Authority 2016 Annual Report

Executive Summary:
On behalf of its Board of Directors and staff, I am pleased to present the annual report of the Virginia Resources Authority (“VRA”, “Authority”). This report and its accompanying Comprehensive Annual Financial Report (“CAFR”) for the year ending June 30, 2016, is submitted pursuant to the requirements set forth in § 62.1-222 of the Code of Virginia, as amended.

VRA’s CAFR sets forth the complete operating and financial statements for the Authority during the fiscal year. As required, an independent certified public accountant has performed an audit of the books and accounts of the Authority and has issued an unqualified opinion with no audit findings or management letter. The CAFR also includes supplemental information relating to the Water Facilities (§ 62.1-227), Water Supply (§ 62.1-236), Dam Safety (§ 10.1-603.23), and the Airports (§ 5.1-30.9) revolving loan funds. In addition, the attached CAFR includes complete financial statements for VRA’s signature Virginia Pooled Financing Program.

I am also pleased to highlight some of VRA’s significant FY16 accomplishments and to detail its support to Virginia communities throughout the year. Of significant consequence was VRA’s ability to maintain its outstanding credit rating with all three rating agencies thereby ensuring its ability to deliver cost-saving to Virginia localities. With collective investments of $461.9 million across all its financial programs, VRA was ably positioned to assist communities across Virginia with financing for critical infrastructure and debt-service savings.

Finally, during this fiscal year, VRA’s Board and staff completed its strategic planning initiative, reaffirming its purpose and emphasizing its mission of working with its state agency partners, to provide Virginia localities access to cost-effective, sustainable, and innovative financial solutions for projects that support vibrant and healthy communities.

/s/ Stephanie Hamlett
Executive Director