Contact

Finance Office
300 E. Washington St.
Lexington, VA 24450
T: 540-462-3731
F: 540-463-5310

Jennifer Bell
Finance Director
Email

Hours
Monday through Friday
8:00 a.m. - 5:00 p.m.

Finance

Print Feedback

Font Size: + -

The Finance Department provides account, budgeting, payroll, and financial reporting services for all city departments. The department also provides services to the Rockbridge Area Recreation Organization, the Central E-911 Dispatch Center, and the Lexington and the Rockbridge Area Tourism Development Program. Functions include:

Maintaining a fund accounting system
Paying city obligations
Setting internal control to protect assets
Conducting financial analysis
Providing timely reports of financial information for management purposes

Data processing support is provided for revenue collection, central accounting, city and school payroll, and utility billing activities. Support for a decentralized purchasing system is provided in this department, as well as administrative oversight for the city's general insurance program.

City Credit Ratings

Lexington Earns AA Rating from Standard and Poor’s, Aa2 Rating from Moody’s for March Municipal Bond Issuance (released February 13, 2025)

The City of Lexington recently received outstanding credit ratings from two of Wal Street's most respected credit rating agencies: Moody's and Standard and Poor's.

Standard and Poor’s provided the City of Lexington with a ‘AA’ rating, while Moody’s assigned the City a ‘Aa2’ rating. Each firm’s credit rating systems are slightly different, but for each rating system the City of Lexington received the second highest rating possible.

The City sought these credit ratings in late 2024 because Lexington plans to issue $22 million in municipal bonds in March. Lexington’s new bonds will pay for the construction of the new regional Social Services Building, the renovation of City Hall, water and sewer replacements along White Street, and stormwater drainage improvements in the Diamond Hill and Jackson Street areas.

These outstanding ratings signal to Wall Street investors that the City of Lexington bonds are a very attractive and secure investment. As a result, the City’s municipal bonds should be sold at a very low interest rate because the City of Lexington is such a safe investment.

Mayor Frank Friedman represented the City of Lexington in December rating calls with both credit agencies.

Friedman noted, “The City has taken years of careful planning to prepare for undertaking these major projects. We have been careful stewards of taxpayer funds, and these very strong bond ratings will save us all on interest costs as these bonds are repaid.”

Friedman is in his third term as Lexington mayor and himself works as an investment advisor at Cornerstone Bank in downtown Lexington.

In its statement about Lexington, Moody’s noted the City’s strengths include strong financial reserves, conservative budgeting and management, and adherence to formal fiscal policies. Moody’s noted the City of Lexington also has challenges, specifically the community’s small size and a high percentage of tax-exempt property.

Lexington City Council will consider whether to authorize municipal bonds at its meeting on February 20, 2025. If approved by Council, the City will sell bonds on Wall Street in early March and receive the bond proceeds in late March. All of the projects funded with this borrowing will get underway in 2025 and should be completed in 2026.

Public Services

Burial spaces can be purchased in this department for either the Oak Grove or Evergreen Cemeteries. For additional information or assistance, please contact the Finance Department at 540-462-3702.

Water and Sewer Rate Schedule

View the water and sewer rate schedule for the current fiscal year.

Water and sewer rates

Capital Improvements Plans

Free viewers are required for some of the attached documents.
They can be downloaded by clicking on the icons below.

Word Viewer

Annual Budgets & Financial Reports

Copies of both the annual budget and the annual comprehensive financial report are available for public review at the Rockbridge Regional Library, the Lexington and the Rockbridge Area Tourism Development Office, and in the City Treasurer's Office at City Hall, or you can access them at the top of this page. Additional copies are available from the Finance Department subject to a charge to cover the cost of printing the document.

The Popular Annual Financial Report is designed to be readily accessible and easily understandable to the general public without a background in public finance using information from the Comprehensive Annual Financial Report. You can access them at the top of this page.