Agenda - 04-19-2007-1 - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: April 19, 2007 Action Agenda Item No. SUBJECT: Fiscal Year 2007-08 Budget Update DEPARTMENT: Budget PUBLIC HEARING: (Y/N) No ATTACHMENT(S): INFORMATION CONTACT: Outlined in Background Section Donna Coffey, (919) 245-2151 PURPOSE: To update the Board on budgetary items that will likely affect the upcoming 2007- 08 fiscal year budget planning process. BACKGROUND: Throughout the year, staff has apprised the Board of a number of fiscal items of interest that may potentially affect the development of the upcoming 2007-17 County Capital Investment (CIP) plan, the 2007-08 Annual Operating Budget, or future years' budgets. Most recent discussions have centered on the anticipated decrease in projected revenues from the North Carolina Education Lottery along with the General Assembly's interest in providing local property tax assistance to taxpayers throughout the State. Both of those items would have negative impacts on the County's budget. At the April 19 work session, the Manager and staff plan to exchange ideas on additional topics of interest, that will likely shape the fiscal year 2007-08 budget. Examples of topics planned for discussion include: • Revenue Outlook for Fiscal Years 2007-08 and 2008-09 • Budget Drivers including debt service, new facilities, school budgets, and requested County staff requests • Pay and Benefits • GASB 45 - Post Retirement Benefits Attachments to this agenda abstract provide additional background information: • Attachment 1 — General Fund Revenue Outlook • Attachment 2 — Examples of Potential Budget Drivers for Fiscal Year 2007-08 • Attachment 3 — Required Funding.and Tax Rate Implications of Debt Service for Fiscal Year 2007 08 • Attachment 4 — 2007-08 Student Enrollment Projections