TO: Board of Supervisors
FROM: Minh C. Tran, County Executive Officer
REPORT BY: Daniel Sanchez, Senior Management Analyst
SUBJECT: Five-year Forecast and Budget Terminology
RECOMMENDATION
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County Executive Officer requests the Board to:
1. Receive a presentation of the 5-year fiscal forecast;
2. Consider Special Projects Fund and Accumulated Capital Outlay Fund name revisions; and
3. Consider revising the percent of the General Fund Transient Occupancy Tax (TOT) which supports the Special Projects Fund from 12.5% to 15%.
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EXECUTIVE SUMMARY
As part of the County's annual budget process, the Board reviews the 5-year forecast. Today, staff is presenting this annual update of the 5-year forecast. This presentation is intended to highlight any financial trends in revenues and expenses that may inform policies to guide decision-making and maintain the County's strong financial well-being. This is not a preliminary budget.
During the annual Budget Policies presentation, the Board asked staff to bring back an item to consider renaming both the Special Projects Fund and the Accumulated Capital Outlay Fund. The Board also asked to bring an item to consider revising the percent of the General Fund's Transient Occupancy Tax appropriated to the Special Projects Fund. The current percent is 12.5%. The Board may provide staff direction to draft a resolution to modify the Special Projects Fund policy and affect the Recommended Budget.
FISCAL & STRATEGIC PLAN IMPACT
Is there a Fiscal Impact?
No
County Strategic Plan pillar addressed:
Effective and Open Government
ENVIRONMENTAL IMPACT
ENVIRONMENTAL DETERMINATION: The proposed action is not a project as defined by 14 California Code of Regulations 15378 (State CEQA Guidelines) and therefore CEQA is not applicable.
BACKGROUND AND DISCUSSION
The annual Budget Policies are intended to be used in conjunction with the 5-year Strategic Financial Plan, the County's adopted Strategic Plan, and the annual 5-Year For...
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