Hanover County Trust Finance Board

Meetings


  • Third Wednesday, every three months
  • Finance and Management Services Building
    Finance Conference Room
    7496 County Complex Road
    Hanover, VA 23069

Members


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.

Purpose


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.

Scope


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.

Type


Citizen, Staff
  1. Jacob Sumner, CMA, CGFM

    Director