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23 <br /> 1 with other information. She said that it all will work together. She said that she knows that any <br /> 2 decision must include social justice, environmental impacts, and fiscal impacts. She said that as <br /> 3 they bring projects forward, they will include this data. <br /> 4 Chair Price asked if the model can be adjusted to consider changes in lifestyles since <br /> 5 pandemic, including types of jobs and how people are working. <br /> 6 Julie Herlands said that it can be and that as behaviors start to evolve, the market will <br /> 7 change, and the data can be updated to reflect those behaviors. She said that since sales tax <br /> 8 collections have changed, and as they continue to change, the data will continue to evolve. <br /> 9 <br /> 10 b. Long-Term Financial Planning Operating and Debt Models <br /> 11 The Board received and reviewed information on the two County financial models — 1) <br /> 12 Operating Model and 2) Debt Model — that the Finance and Administrative Services Department <br /> 13 utilizes in providing forecasts of revenues and expenditures to the County Manager, Deputy <br /> 14 Manager and the subsequent Manager's Recommended Budget each year to the Board. <br /> 15 <br /> 16 BACKGROUND: The County's use of a Long-Term Financial Models was first implemented as <br /> 17 part of the FY 2018-19 Budget Development Cycle. As noted in the attachment, Long-Term <br /> 18 Financial Planning provides local governments an important resource in ascertaining the impact <br /> 19 of changes in economic conditions, recessions and various spending scenarios. <br /> 20 <br /> 21 Bond Rating Agencies and the Government Finance Officers Association consider Long-Term <br /> 22 Financial Planning to be an integral best practice for a local government to maintain financial <br /> 23 resiliency. Both the Operating and Debt Models were instrumental in assisting the County <br /> 24 through the COVID Recession and maintaining the Board Adopted Unassigned Fund Balance <br /> 25 Policy of 16%. <br /> 26 <br /> 27 County staff regularly uses these two models to formulate recommendations on both the <br /> 28 Operating Budget and Capital Investment Plan. <br /> 29 <br /> 30 Gary Donaldson, Chief Financial Officer, reviewed the background information for this <br /> 31 item and gave the following PowerPoint presentation: <br /> 32 <br /> 33 Slide #1 <br /> ORANGE COUNTY <br /> NORTH CiROLINA <br /> Long-Term Operating and Deist Models <br /> Gary Donaldson, Chief Financial Officer <br /> February 17, 2022 <br /> 34 <br /> 35 Slide #2 <br />