COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

Five-Year Financial Plan Work Session

 

 

SUBJECT/PROPOSAL/REQUEST:

Work Session on the County’s Five-Year Financial Plan

 

 

STAFF CONTACT(S):

Messrs. Tucker, Foley, Davis, and Wiggans

 

 

 

LEGAL REVIEW:   Yes

 

AGENDA DATE:

November 4, 2009

 

ACTION:     X          INFORMATION: 

 

CONSENT AGENDA:

  ACTION:               INFORMATION:   

 

 

ATTACHMENTS:   No

 

 

REVIEWED BY:

 

 

 

BACKGROUND:

Wednesday’s work session is the first of several conducted on an annual basis to develop and approve a Five-Year Financial Plan for the County.  This process is not designed to be an approval of the coming fiscal year’s operating budget, but will help create a framework within which the next fiscal year’s budget development will take place.  In addition, this process helps inform thinking on future fiscal year planning and the priorities of the Board.

 

At the Board of Supervisor’s Strategic Planning Retreat on October 16, 2009, staff reviewed with the Board the County’s preliminary revenue and expenditure projections for fiscal years 2011 through 2015.  In addition to the review, the Board provided input on a variety of revenue and expenditure assumptions that have now been incorporated into the five-year projection.  Based on that input and the latest information on revenues and expenditures, staff will be presenting the Board with a balanced Financial Plan at its meeting on November 4, 2009.

 

 

STRATEGIC PLAN:

Goal 5: Fund the County’s future needs.

 

 

DISCUSSION:

Information on the specific assumptions used by staff to balance the Five-Year Financial Plan will be presented to the Board Wednesday.  A second work session on the Plan is scheduled for November 11, 2009.  A third work session, if necessary, is scheduled for December 2, 2009.  The purpose of these work sessions is for the Board to provide direction on future priorities for funding given the financial projections over the next five years.

 

 

RECOMMENDATIONS:

No final action is expected on Wednesday, but will be scheduled at one of the following work sessions based on direction from the Board on potential changes to the Plan.

 

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