COUNTY OF ALBEMARLE
Economic Indicators Report for the Fourth Quarter of FY 2009
Presentation of Quarterly Economic Indicator Report
Messrs. Tucker, Foley, Davis, and Allshouse, S.
LEGAL REVIEW: Yes
November 4, 2009
ACTION: INFORMATION: X
On May 19, 2009 the Assistant County Executive, Director of Community Development, County Assessor, Chief of Administration/Taxation, Business Development Specialist, and Coordinator of Research and Analysis met to establish the Albemarle County Economics Advisory Group (EAG), a committee consisting of County staff whose mission is to foster well-informed, thoughtful, and constructive conversation regarding Albemarle’s economy, and to identify emerging trends and fundamental structural changes that could impact the County budget and its residents. The EAG has the general objective of providing a roundtable forum to County staff members who follow business and economic conditions as a regular part of their daily work to ensure that important information across department lines is shared and utilized. At its July 22, 2009 meeting, the EAG discussed a list of County economic indicators that has evolved into the Albemarle County Quarterly Economic Indicators report.
The Quarterly Economic Indicators report pertains to Strategic Plan Goal 1.3: By June 30, 2010, the County will maintain a strong and sustainable economy, increase the economic vitality of the County’s Development Areas, and Increase the ability of those individuals and families who are living in lower-income households to become self-sufficient.
The current state, and likely near-term direction, of Albemarle’s economy has an impact on the County government’s revenues and costs; Albemarle’s Quarterly Economic Indicators report will help inform the County’s revenue and cost forecasting process and, by extension, will aid the County’s budgeting process. The July 31, 2009 report, which covers Q4 of FY 2008/09, is being presented today for BOS review and input.
Staff will provide a brief overview of the report at Wednesday’s meeting and would welcome any input regarding the report content and format.
The October 31, 2009 report, which will cover Q1 of FY 2009/10, will be available on the County Executive website in the next several days.
Staff recommends that the Board of Supervisors review and consider this information on a quarterly basis and would welcome any input on the report. No action is required.
Albemarle Quarterly Economic Indicators for Fourth Quarter of FY 2009
Albemarle Quarterly Economic Indicators for Fourth Quarter of FY 2009 Underlying Data
Return to regular agenda