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ORANGE COUNTY BOARD OF <br />COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: February 11, 2010 <br />Action Agenda <br />Item No. 1 <br />SUBJECT: FY 2010-11 Budget Work Session <br />DEPARTMENT: County Manager and Financial PUBLIC HEARING: (YIN) No <br />Services <br />ATTACHMENTS): <br />Attachment 1. Current Financial Status <br />Presentation <br />Attachment 2. Guiding Principles and <br />Identified Priorities for FY <br />2009-10 <br />Attachment 3. Items for Board Consideration <br />in Developing FY 2010-11 <br />Budget <br />INFORMATION CONTACT: <br />Frank Clifton, (919) 245-2300 <br />Clarence Grier, (919) 245-2453 <br />PURPOSE: For the Board to make decisions regarding development of the FY 2010-11 <br />budget. <br />BACKGROUND: <br />1) Current Year Fiscal Update <br />Recommended Board Action -The County Manager recommends the Board <br />receive an update from staff regarding the County's current FY 2009-10 fiscal <br />status. <br />a} Revenues -Overall revenue collections are on target, at this point, in the current <br />fiscal year. <br />i) Real Property Taxes -Preliminary reports indicate property tax revenues, <br />year-to-date, are consistent with past years' collection rates. Of the <br />$122.3 million budgeted for real property taxes, the Tax Administration <br />Office has collected approximately 98% of total budget, or $119.8 million as <br />of February 5, 2010, an increase of $4.4 million over the previous fiscal year. <br />