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r ~ <br />ORANGE COUNTY BOARD OF <br />• COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: February 22, 2011 <br />Action Agenda <br />Item No. 1 <br />SUBJECT: FY 2011-12 Budget Work Session <br />DEPARTMENT: County Manager and Financial PUBLIC HEARING: (Y/N) No <br />Services <br />ATTACHMENTS): <br />Attachment 1. PowerPoint :Current Financial <br />Status <br />Attachment 2. January 2011 Monthly INFORMATION CONTACT: <br />Financial Dashboard <br />Attachment 3. 2011/2012 Projected Budget Frank Clifton, (919) 245-2306 <br />Funding Issues Clarence Grier, (919) 245-2453 <br />• PURPOSE: For the Board to make decisions regarding development of the FY2011-12 <br />budget. <br />BACKGROUND: <br />1) Current Year Fiscal Update <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 />$123.8 million budgeted for real property taxes, the Tax Administration <br />Office has collected approximately 98.5% of that amount, or $121.9 million <br />as of February 18, 2011. This is an increase of $2.1 million over the previous <br />fiscal year. <br />~J <br />