Treasurer, chief financial officer and a Virginia citizen
Terms of Service
The treasurer and the chief financial officer are members ex officious and a Virginia citizen member is appointed for a 2-year term.
The Governmental Accounting Standard Board (GASB) issued Statement 45 in June 2004 which establishes standards for the measurement, recognition and display of other post-employment benefits (OPEB) expenditures and related liabilities on the financial statements of state and local government employers.
The 2007 session of the General Assembly enacted legislation allowing localities to establish such trust funds and to invest in pension-like assets, thus earning higher rates of return than operating funds investments which directly correlates to a reduced liability. Hanover County is funded with contributions to an irrevocable trust. The governance of a trust fund is set out in Section 15.2-1547 of the Code and requires the creating of a Finance Board. The Finance Board has the authority to set investment policy and select a trust administrator.