COUNTY OF ALBEMARLE

 

                                                                    EXECUTIVE SUMMARY

 

 

 

AGENDA TITLE:

Five Year Financial Plan

 

SUBJECT/PROPOSAL/REQUEST:

 

 

 

STAFF CONTACT(S):

Tucker, Foley, Breeden

 

FOR LEGAL REVIEW:     

 

AGENDA DATE:                     

November 14, 2007

 

ACTION:                                    INFORMATION:    

 

CONSENT AGENDA:         

     ACTION:                               INFORMATION:      X

 

 

ATTACHMENTS:      Yes

 

 

REVIEWED BY:

 

 

BACKGROUND:

Attached is the presentation from the recent Board of Supervisors strategic planning retreat regarding the 5 Year Financial Plan.  Staff is currently in the process of completing the revenue and expenditure forecasts and assumptions that will be used in the plan for Board review.  As the Board is aware, the significant downturn in the housing market will have a significant impact on the revenue picture this year.  After completion of approximately 87% of the reassessment, staff is projecting a -1% reassessment for the calendar year 2008.  This will impact both the current fiscal year and the year ahead and is also reflected in the financial plan, with a slow recovery projected in years three through five of the plan.  This information, as well as expenditure forecasts, will all be included in the 5 Year Financial Plan staff is finalizing for Wednesday’s review and discussion. Staff has also scheduled an additional work session if needed in December to finalize the plan.

 

 

RECOMMENDATION:

For information only.

 

 

ATTACHMENTS:

Attachment A - Five Year Financial Plan

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