COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

FY 2010 Budget Update

 

 

SUBJECT/PROPOSAL/REQUEST:

Review of current projected revenue shortfall for the FY 2010 Budget and recommendations to address the shortfall

 

 

STAFF CONTACT(S):

Messrs. Tucker, Foley, Davis, and Wiggans

 

 

 

 

LEGAL REVIEW:   Yes

 

AGENDA DATE:

October 7, 2009

 

ACTION:    X           INFORMATION: 

 

CONSENT AGENDA:

  ACTION:              INFORMATION:   

 

 

ATTACHMENTS:   Yes

 

 

REVIEWED BY:

 

 

 

BACKGROUND:

As discussed by the County Executive in the attached letter, staff is currently projecting a revenue shortfall of approximately $4.74 million (2.2%) for the FY 2010 Budget (Attachment A).  The shortfall is primarily attributed to less than anticipated revenues from property taxes, other local taxes (including sales, business license, and food/beverage taxes), and the State of Virginia.   Based on the County’s current revenue allocation policies, the shortfall will result in $2.67 million less for schools, $1.77 million less for local government, and $0.3 million less for capital projects.  

 

 

STRATEGIC PLAN:

Goal 5: Fund the County’s future needs.

 

 

DISCUSSION:

At the Board meeting on October 7, 2009, staff will present the Board with detailed information about the specific revenues that are currently projecting at less than budget and the staff’s recommendation to the Board on measures to address the shortfall for local government.  The Board will also be presented with information about future opportunities to review and discuss the FY 2010 Budget and projections for FY 2011.  

 

 

BUDGET IMPACT:

The current projected revenue shortfall for local government, based on the County’s current revenue allocation policies, is $1.77 million. 

 

 

RECOMMENDATIONS:

Staff will be presenting recommendations to address the FY 2010 revenue shortfall for local government for Board discussion and approval.  Additional information will be provided through e-mail prior to the Board meeting.

 

 

ATTACHMENTS

A - Letter from County Executive

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