Historic Clerk's Building
Finance Conference Room
7496 County Complex Road
Hanover, VA 23069
Members
Scott Miller, Staff Trustee - Treasurer
Phone: 804-365-6050
Email Scott Miller
Terry Stone, Staff Trustee - Schools
Phone: 804-365-4500 Email Terry Stone
Jacob Sumner, Staff Trustee - Finance Director
Phone: 804-365-6015 Email Jacob Sumner
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.