FY 23 Approved Budget Book

and other one-time revenues equal to $38.6 million. Our approach has been to estimate annual recurring revenue, therefore excluding non recurring sources of funds. This has been an adjustment we have historically made to exclude these non- recurring sources of funds. This adjustment yielded an Adjusted FY 2022 General Fund Budget of $620.0 million.

C. Debt Authorization The Committee has reviewed the County's Debt Management Policy dated April 13, 2010. The Debt Management Policy includes a discussion of strategic capital planning and sets overall objectives for issuance of debt and debt service loads. The Committee concurs in those objectives and the reasoning set forth in the Debt Management Policy, and considers the objectives both reasonable and conservative. The Committee seeks to offer the County some guidance on this topic, and our general impressions as to the level of debt contemplated by the plan. We do not intend to give advice to the County on the highly technical subject of debt issuance and structure. As detailed in the policy, the County will engage qualified financial advisors, bond counsel, and bond underwriters to give them advice on the issuance and structure of the County’s debt. The Committee reviewed the Debt Affordability Ratios provided by the Debt Management Policy and their impact on the expected debt level in FY 2022 Budgeted level and FY 2023 Projected:

· The County aims to maintain the per capita debt level of the County at a level below 10% of the personal income of County

residents. In the County’s Comprehensive Annual Financial Report for FY 2021 personal per capita income was estimated to be

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