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Agenda - 10-21-2002 - 3
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Agenda - 10-21-2002 - 3
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8/7/2017 11:00:14 AM
Creation date
8/29/2008 11:12:23 AM
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BOCC
Date
10/21/2002
Meeting Type
Work Session
Document Type
Agenda
Agenda Item
3
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Minutes - 20021021
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\Board of County Commissioners\Minutes - Approved\2000's\2002
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Compiled by Orange County Budget Office <br /> 2/18/02 <br /> Potential Ways to Off Set Possible Impact on County General Fund <br /> Fiscal Year 2001-02 <br /> • As indicated on the attached spreadsheet, the County may potentially face a <br /> funding deficit of$712,000 to $862,000 for the current fiscal year. Should this be <br /> the case, the County could absorb the deficit through use of fund balance. <br /> • Fund balance offers local governments with resources to deal with unforeseen <br /> emergencies and revenue fluctuations that entities may experience during the <br /> course of a year. <br /> • On June 30, 2001, the County's unappropriated fund balance in the General <br /> Fund totaled $13.5 million. <br /> • It is important to note that the County has received only two quarters of sales tax <br /> receipts in the current year. While the first quarter receipts were healthy, receipts <br /> for the second quarter reflected predictions of lower than normal receipts. <br /> • There is a possibility that the economy and consumer spending may not rebound <br /> during the final two quarters of the year. Should that be the case, the potential <br /> deficit outlined on the attached spreadsheet may increase. <br /> • Potential ways to off-set further deficits include: <br /> Cumulative <br /> Amount Total <br /> Postpone contribution to the Affordable <br /> Housing fund $250,000 $250,000 <br /> Postpone contribution to the <br /> School/Park Capital Reserve Fund $300,000 $550,000 <br /> Postpone purchase of some Information <br /> Technology related equipment $150,000 $700,000 <br /> Reduce school recurring capital <br /> allotment (monthly allotment to both <br /> districts totals $185,200) $185,200 $885,200 <br /> • Over the next few months as the budget process unfolds, staff may identify other <br /> potential options to offset further deficits that may not be included on the above <br /> list. <br />
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