Five-Year Financial Plan Work Session




Final Review and Approval of Five-Year Financial Plan




Messrs. Tucker, Foley, Breeden, and Wiggans; and Ms. Vinzant







January 23, 2008


ACTION:  X                       INFORMATION:



  ACTION:                      INFORMATION:   










On November 14, staff presented the Board with a balanced Five-Year Financial Plan. The plan included revenue and expenditure forecasts as well as a set of assumptions used to balance the plan. The presentation from the previous work session was further reviewed with the Board on December 12, at which time the Board provided specific direction on changes they felt should be made to the assumptions to better reflect the Board’s priorities.  Below are the conclusion and direction from the Board:


Board members approved the high level goals of the plan, with some comment about the potential subjectivity of identifying core services


A majority of Board members supported the proposed staff adjustments as listed below:

·         Frozen positions

·         3.35% market increase for staff in year’s one and two of the plan with a 4% projection in years 3-5

·         1 cent reduction in capital transfer

·         Tax rate increase of 1 cent in Year 3


A majority of Board members indicated that the adjustment about no funding for new initiatives for five years was unacceptable to them.  In addition, they suggested staff include funding for the following:

·         Transit

·         Affordable housing

·         Environmental initiatives


A majority of Board members directed staff to revisit two of the current assumptions as ways to rebalance the plan:

·         Revenue enhancements, not limited to tax rate increase

·         Core public safety improvement

o        4 new police officers (BOS indicated they might not support this level on an annual basis)

o        12 firefighters for Pantops (one member questioned level of paid staff vs. volunteers, three members questioned that as well as actual need for the station)

o        12 firefighters for East Ivy (members were generally supportive of the station but questioned the level of paid staff vs. volunteers)


Rather than revisit the entire plan, next Wednesday’s work session will focus on a proposed scenario developed by staff to achieve the revisions the Board requested (see attachment).  These proposed revisions and any final changes the Board feels are appropriate are designed to move toward final approval of a Five-Year Financial Plan that better reflects the Board’s priorities and sets a more clear direction for the future.  As we have discussed, this plan is not intended to be a five year budget, but a financial planning tool that clarifies the Board’s priorities after a more comprehensive picture of anticipated revenues and expenditures.  The Five-Year Financial Plan will be reviewed with the Board on an annual basis to ensure that changing circumstances and Board priorities are more clearly reflected in the County’s overall financial planning processes.




Approval of final adjustments to the Five-Year Financial Plan




Five-Year Financial Plan – Proposed Adjustments

Five Year Financial Plan Presentation
Return to regular agenda