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County Staff recommendations

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The Gross Receipts Tax revenue for fiscal year 2013 and for future years, is projected to be significantly lower than in previous years. Since this is the primary funding source for most general governmental operations and capital projects, some changes must be made in order to move back toward having a balanced budget.
Given this context, Council would expect that the FY 2014 proposed budget would be developed with noticeable changes in all of the following six categories. Changes in each area should be pursued to the extent deemed helpful and practical.
1. Fund balance — use of fund balance is expected when severe revenue fluctuations occur. The following parameters serve as guidelines.
a. Use of up to 100 percent of the fund balance committed for revenue stabilization through the end of FY 2016 is acceptable as long as the projected balance at the end of FY 2017 returns to the policy target level of 5 percent of revenues. This is an extension beyond the current financial policies.
b. Manage all other variables so that the unassigned fund balance is maintained at the policy target level of 20 percent of revenues.
c. Re-evaluate all fund balance levels for potential re-programming and possible re-capture back into the general fund.


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