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File #: 24-419    Version: 1
Type: Report Status: Agenda Ready
File created: 3/6/2024 In control: Board of Supervisors
On agenda: 3/12/2024 Final action:
Title: Receive the Fiscal Year 2023-24 Mid-Year Budget Review and approve Budget Adjustments per the attached report. (Fiscal Impact: Varies by Fund, Not Budgeted, Discretionary) [4/5 vote required]
Sponsors: Board of Supervisors
Attachments: 1. Report, 2. PowerPoint Presentation (added after meeting)

TO: Board of Supervisors
FROM: Ryan J Alsop, County Executive Officer
REPORT BY: Daniel Sanchez, Senior Management Analyst
SUBJECT: Mid-Year Budget Review


RECOMMENDATION
title
Receive the Fiscal Year 2023-24 Mid-Year Budget Review and approve Budget Adjustments per the attached report. (Fiscal Impact: Varies by Fund, Not Budgeted, Discretionary)
[4/5 vote required]
body

BACKGROUND
An important part of the County's continuous fiscal monitoring process is a review of the County's budget status throughout the fiscal year, focusing particularly on the General Fund. County Executive Office (CEO) staff works with department staff to forecast year end revenues, expenses, and the use of available fund balance. This fiscal review enables staff to request funds to address any current year budget concerns in a timely manner. Using the most current information available, the General Fund will likely end FY 2023-24 with an unassigned ending Fund Balance of approximately $54 million which is $35 million more than projected. This balance is reasonable and necessary for stability of operations during economy uncertainty.

Consistent with the Board adopted Annual Budget Policy Guidelines, property tax revenues do include recognition of an estimated $25 million from Excess Educational Revenue Enhancement Fund (ERAF). The attached report provides further overview, and the exhibits provide detail for the requested budget amendments. The budget amendments will provide sufficient appropriation authority to cover anticipated expenditures through the end of the fiscal year. Appropriation for Contingency was budgeted at $5 million and is projected to end with a $1.7 million balance.


FISCAL & STRATEGIC PLAN IMPACT
Is there a Fiscal Impact?
Yes
Is it currently budgeted?
No
Where is it budgeted?
Multiple funds, see attached.
Is it Mandatory or Discretionary?
Discretionary
Discretionary Justification:
Without this action many departments will not have sufficient funding authority to...

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