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3 <br /> 1 The Board recognized the budget staff of the Orange County Finance and <br /> 2 Administrative Services Department for earning the Government Finance Officers' Association <br /> 3 (GFOA) Distinguished Budget Presentation Award for the 2016-17 fiscal year budget <br /> 4 document. <br /> 5 <br /> 6 BACKGROUND: <br /> 7 GFOA is an internationally recognized organization that offers guidance and support to local <br /> 8 and state government budget and finance professionals throughout the United States and <br /> 9 Canada. The GFOA's Distinguished Budget Presentation Award is the highest form of <br /> 10 recognition in governmental budgeting and represents a significant achievement by the <br /> 11 organization. Its attainment represents a major achievement by a governmental entity and its <br /> 12 budget team. In order to receive this award, the County's budget and capital planning <br /> 13 documents must meet stringent program criteria such as policy documents, operations guides, <br /> 14 financial plans, and communications devices. <br /> 15 <br /> 16 This year marks the twenty-fifth year that Orange County has received the GFOA Distinguished <br /> 17 Budget Presentation Award. Eligibility standards and expectations for the award become more <br /> 18 stringent and rigorous each year. The County commends the budget staff for their ability to <br /> 19 consistently achieve the high standards required to receive this esteemed award. <br /> 20 <br /> 21 Gary Donaldson, Chief Financial Officer, recognized his budget and finance staff, and <br /> 22 asked them to come forward and receive this award. <br /> 23 The Board recognized the budget staff of the Finance and Administrative Services <br /> 24 Department for the receipt of the GFOA Distinguished Budget Award and presented the GFOA <br /> 25 plaque to them. <br /> 26 <br /> 27 b. Presentation of Manager's Recommended Fiscal Year 2017-18 Annual Operating <br /> 28 Budget and FY 2017-22 Capital Investment Plan <br /> 29 The Board received the Manager's Recommended FY 2017-18 Annual Operating <br /> 30 Budget and 2017-22 Capital Investment Plan. <br /> 31 Bonnie Hammersley made the following PowerPoint presentation: <br /> 32 <br /> 33 ORANGE COUNTY FY2017-18 COUNTY MANAGER RECOMMENDED BUDGET <br /> 34 <br /> 35 FY2017-18 orange county budget <br /> 36 County Manager Recommendation <br /> 37 • Expenditures — Revenues -Tax Rate <br /> 38 • Assumptions <br /> 39 • Initiatives <br /> 40 • School Funding <br /> 41 • Outside Agencies <br /> 42 • Fire Districts <br /> 43 <br /> 44 FY2017-18 recommended budget <br /> 45 2017 TAX YEAR REVALUATION <br /> 46 ✓ The revaluation resulted in a 6.5% increase in real property value, increasing the <br /> 47 property tax base by over$1 billion to $16.8 billion. <br /> 48 ✓ Since the County's overall tax base increased, the County's revenue neutral rate <br /> 49 decreases from 87.80 cents per$100 of value to 83.77 cents per$100 of value. <br /> 50 <br />