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Commissioner Gordon asked that there be a final ground rule that if there is frozen precipitation <br />that they will adjourn, and Commissioner Halkiotis agreed. <br />All agreed to follow the ground rules. <br />GENERAL COMMENTSIOBSERVATIONS: <br />Commissioner Jacobs would like for them to think about having some priorities. He thinks the <br />Board is very ambitious and tries to please everyone. He does not want other things that come <br />up during the year to knock them away from addressing priority issues. Chair Carey agreed and <br />said that it would be good to communicate with the public that if the Board cannot address <br />issues when they come up, they will be addressed at some point. <br />Chair Carey said that he sent an email to the County Commissioners about the process far <br />Board of County Commissioners' boards and commissions that he remembers. He said that the <br />Board could agree to deal with this item when they get to it. <br />1. FISCAL OUTLOOK -ANNUAL STAFF PRESENTATION <br />Budget Director Donna Dean made a PowerPoint presentation. <br />Fiscal Update <br />Orange County, North Carolina <br />January 22. 2005 <br />Discussion Points <br />^ Overview <br />^ Update on 2004-05 Budget <br />^ Preview of 2005-06 Budget (including Revaluation update) <br />^ Glancing into the Future <br />^ What lies ahead for the next five years? <br />Across the Nation <br />Due to state and federal funding cuts and implementation of unfunded mandates, local <br />governments have had to become "creative" in funding services <br />. They have become dependent on one-time budget "fixes" such as borrowing from <br />unspent capital projects, freezing and delaying hiring, using fund balance and temporarily <br />increasing taxes <br />. Mast have tapped all of their non-recurring funding sources <br />To that end, analysts predict that the majority of State and local governments will face a <br />budget gap as they begin planning for fiscal year 2005-06 <br />State's Preliminary Budget Outlook <br />^ Revenue projections far State total around $15.8 billion <br />. Assumes "sunsetting" of $500 million in temporary tax hikes enacted by the General <br />Assembly in 2002 <br />^ Projected expenditures total at least $17 billion <br />Estimated shortfall between revenues and expenditures is $1.2 billion <br />^ All estimates are subject to change as State fiscal analysts continue to refine their numbers <br />^ What does the $17 billion expenditure total include? <br />^ Continuation Items <br />