Get a quick overview of Prince William County’s financial picture

Residents who want a quick overview of Prince William County finances can read the Popular Annual Financial Report, or PAFR, online for “a broad, easy-to-understand, overview of the county’s financial position,” according to a county news release Jan. 13.

Residents are “primarily interested in total revenues generated, where tax dollars are being spent, and gaining a better understanding of federal and state monies that are coming back to our county,” Prince William County spokesman Jason Grant was quoted as saying in a press release.  The PAFR is “intended for citizens to be able to easily access, very broadly, the information that is contained in our financial documents,” Grant said.

Residents will find that real estate assessments are on the upswing in the PAFR. From 2005 to 2014, assessment value growth rate for residential real estate is up 41 percent and commercial real estate is up 75 percent. Assessed value growth rate for undeveloped land is down 38 percent, which the county cites as a direct correlation to the development and growth in the County.

The PAFR also indicates some progress in reducing county dependency on residential real estate taxes. Over the past 10 years, residential real estate, as a percentage of the total revenues from real estate, has decreased 3 percent, while commercial real estate, as a percentage of the overall real estate revenues, has increased 2 percent.

Grant called the PAFR “a very simple two-page document.”

For people who want a highly detailed report and further insight into the workings of Prince William County finances, there is the Comprehensive Annual Financial Report (CAFR). The CAFR reflects the audited financial information of the county and drills down into the details of the County’s finances.

Go to http://www.pwcgov.org/financedocuments to view either annual report.