FY 23 Approved Budget Book

Additional Recommendations

The Committee believes that its recommendations and forecasts should be reviewed and tested at fiscal year-end 2021 and throughout FY 2023 as it prepares its recommendations for FY 2024. Revisions in revenue estimates prepared by State or County agencies, or supplemental budget authorizations occurring after the date of our report, may require adjustment to these recommendations. Typically, this Committee’s focus has been on income tax revenues and property tax revenues. We have typically assumed static balances in the other budget areas but have tried to make the County aware of any significant areas of note. The current decrease in market interest rates will have a significant negative impact on the County’s investment portfolio in the future. Cash received from revenues is invested in short term securities until it is needed during the fiscal year. Given the size of the County budget, this investment portfolio can be quite large during the year. Interest earned on the portfolio is expected to provide additional revenue to cover expenses of the County. The Committee recognizes the County’s need to utilize our forecasts in long range budget planning. Given the uncertainties cited in this report, the County should continually monitor conditions in its current budget year, and not rely upon this report beyond the fiscal year for which it is intended. Some further recommendations of the Committee include the following: 1. The County should continue to review its Enterprise funds to ensure the underlying enterprise is self supporting and not at risk of becoming dependent on funding from the General Fund. 2. The County should review its debt guidelines to assure they are set at appropriate levels and the criteria are relevant.

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