Agenda - 10-18-2007-2 - Laserfiche WebLink

Browse Search

ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: October 18, 2007 Action Agenda Item No. ~_ SUBJECT• Preliminary Fiscal Outlook -Fiscal Year 2008-09 and Beyond DEPARTMENT: Budget PUBLIC HEARING: (Y/N) No ATTACHMENT(S): INFORMATION CONTACT: Donna Coffey, (919) 245-2151 PURPOSE: To discuss emerging fiscal challenges and budget drivers that the County will face in the future. BACKGROUND: Traditionally, Commissioners have had initial budget planning discussions at the Board's annual planning retreat in January of each year. For many years, the timing of these discussions served the County's budget process well and allowed sufficient time for Commissioners to discuss budget priorities and fold them into the annual budget development process that occurred each spring: However, it is fair to say that, over the years, developing the County's budget has become more complex and multifaceted. One of the most recent examples of how complicated and far- reaching legislative action can be relates to the 2007 Medicaid Relief/Sales Tax Swap and new Local Revenue Options legislation. Therefore, in order to allow sufficient time to analyze revenue projections, understand funding needs, and allow sufficient time to prioritize and plan for them, it seems appropriate for initial budget planning discussions to begin in the fall of each year and continue throughout the winter and spring months. FINANCIAL IMPACT: During this work session, the Budget Director plans to share fiscal information that looks at historical revenue and expenditure trends as well as preview preliminary emerging budget challenges for the County. RECOMMENDATION(S): The Manager recommends that the Board of County Commissioners discuss issues related to fiscal challenges and budget drivers anticipated for fiscal year 2008-09 and beyond.