Agenda - 05-17-2007- - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: May 17, 2007 Action Agenda Item No. SUBJECT: Fiscal Year 2007-08 Budget U DEPARTMENT: Budget PUBLIC HEARING: (YIN) No ATTACHMENT (S): INFORMATION CONTACT: Laura Blackmon, (919) 245-2300 Donna Coffey, (919} 245-2151 PURPOSE: Ta update the Board on operating and capital 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. Topics have included negative impacts on the County's budget such as the anticipated decrease in projected revenues from the North Carolina Education Lottery and the General Assembly's interest in providing local property tax assistance to taxpayers throughout the State. In addition, staff has shared preliminary budget drivers, including debt service, new facilities, school budgets, and County staff requests that will require additional funding in fiscal year 2007-08. During the Board's retreat in January 2007, Commissioners noted that the County's property tax rate had increased each year over at least the last eighteen years. On April 24, 2007, the Board approved goal statements for 2007 including a Tax Goal that targeted the tax rate increase for fiscal year 2007-08 at the amount required to pay debt service issued during fiscal year 2006- 07. Staff is currently working to finalize an annual operating budget far fiscal year 2007-08 that is in accordance with the Board's approve Tax Goal. The Manager plans to present her Recommended Budget to Commissioners and orange County citizens on May 24, 2007. At the May 17 work session, the Manager and staff plan to share a preliminary look at County operating revenues and possible appropriations and staffing for next fiscal year. In addition, staff plans to discuss allocations of the County's pay-as-you-go capital monies for fiscal year 2007-08. It is important to note that staff is still developing revenue and appropriation recommendations for next year; therefore, background materials for this agenda item will be presented and reviewed in detail at the work session. FINANCIAL IMPACT: Staff plans to present the financial impact of items possibly affecting the 2007-0$ fiscal year budget during the May 27 work session. RECOMMENDATION{S): The Manager recommends that the Board of County Commissioners discuss items that will likely influence the upcoming fiscal year 2007-08 budget.