Agenda - 02-18-2002 - 1 - Laserfiche WebLink

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2 Staff will prepare for the Board 5 con sideraGen at this February 18 work session a draft of a letter(paralleling the points In the January 31 NCACC letter)that the BOCC may wish to send to the Governor asking him to reconsider his plans to withhold revenues that Orange County Is relying an for the current fiscal year The letter would likewise petition the Governor to avoid leafing additional fiscal stress for local governments in FY 2002-03 that would result from possible State action to again take revenue historically owed and paid to county and municipal governments soon yeas The withholding of expected revenue by the State,while unwaranted and damaging,will have omparatively less impact on Orange County than it will have on many other Ideal governments. Staff will rivers a PowerPoint presentation at the Febmary 18 walk session that demonstrates the Impact of announced State revenue withholding from Orange and some of our neighboring counties for FY 2001-02. This report will also outline some of the other adverse impacts on the County's current budget resulting from the current economic decline(e.g. reductions in anticipated sales tax revenue and Investment earnings) along with aspects of the County budget that may yield expenditure savings or unanticipated revenue for FY 2001-02. The Manager will also offer his observations about recommendations he may consider malting at a later date to reduce anticipated expenditures (e.g. possible delay of certain capital expenditures or transfers)either in the current or next fiscal years. FINANCIAL IMPACT: The staff presentation will directly address a range of possible financial impacts on the FY 2001-02 and FY 2002-03 Orange County budgets stemming from anticipated State budget match and the generally poor state of the economy. RECOMMENDATION(S): The Manager recommends that the Board receive the reset for information only at this time