To: Board of Supervisors
From: County Administrative Office
Agenda Section: Departmental
SUBJECT:
title
Mid-Year Budget Review for Fiscal Year 2021-22 and Budget Outlook for FY 2022-23
end
RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Receive and file a review of the current fiscal year (FY) 2021-22 and projected FY 2022-23 budget year;
2. Direct the County Administrative Officer (CAO) to prepare the FY 2022-23 budget based on the following parameters:
a. Set departmental allocations from the General Fund at FY 2021-22 level with a department adjustment for projected salary & benefit increases (average of all departments is 16%);
b. Limit requests for additional General Fund appropriations to one-time urgent requests only;
c. Set the annual departmental contribution to Public Agency Retirement Services (PARS) to 2% of salaries and direct staff to return with an update on the status of the county's pension funding policy, including Other Post-Employment Benefits (OPEB); and
d. Provide direction to staff on actions to close the FY 2022-23 projected General Fund budget deficit.
3. Provide additional direction to staff as appropriate.
Body
SOURCE OF FUNDING:
All County Funds
DISCUSSION:
Financial Information Deficiencies
Historically, the CAO undertakes a mid-year financial review each fiscal year. The mid-year review has served the dual purpose of monitoring the county's budget for the current fiscal year and providing staff, your Board, and the public with a preview of the county's financial status going into the next budget year. Traditionally, this financial information builds upon the financial results from the prior year, including the most recent fiscal year's ending fund and cash balances in the county's major funds. To rely on and measure ending balances, the financial books must be closed and accounts, including bank accounts, must be reconciled.
Fund Balance Fiscal Measurement
Fund balance is the accumu...
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