COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

Five-Year Financial Plan Review

 

 

SUBJECT/PROPOSAL/REQUEST:

Approval of the County’s Five-Year Financial Plan

 

 

STAFF CONTACT(S):

Messrs. Tucker, Foley, Davis, and Wiggans

 

 

 

LEGAL REVIEW:   Yes

 

AGENDA DATE:

December 2, 2009

 

ACTION:     X          INFORMATION:   

 

CONSENT AGENDA:

  ACTION:              INFORMATION:   

 

 

ATTACHMENTS:   No

 

 

REVIEWED BY:

 

 

 

BACKGROUND:

The Board annually adopts a Five-Year Financial Plan for the County.  The Plan is not designed to be an approval of the coming fiscal year’s operating budget, but helps 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 presented the Board with a balanced Five-Year Financial Plan at its meeting on November 4, 2009. 

 

 

STRATEGIC PLAN:

Goal 5: Fund the County’s future needs

 

 

DISCUSSION:

Staff will formally present the Board the proposed Five-Year Financial Plan at the December 2, 2009 Board meeting.  Information previously presented to the Board on the specific assumptions used to balance the Five-Year Financial Plan will again be presented for review and further consideration by the Board.

 

The primary issue discussed with the Board at the previous work session held in November was the impact on the Five-Year Financial Plan of significant reductions proposed by the CIP Technical Review Team (TRT) to the CIP Oversight Committee for FY2011 through FY2015.  The Board delayed consideration of the Five-Year Financial Plan to provide additional time for the Oversight Committee to conduct its review of the TRT recommendations.  Since the Board’s last discussion, the Oversight Committee has met and endorsed the recommendation of the TRT.  The Oversight Committee will therefore be recommending a CIP for the next five years that funds only maintenance projects and other mandates and obligations.  As a result, the Five-Year Financial Plan presented to the Board next Wednesday will include significant balances in years three through five of the Plan due to the removal of the operating impact of long planned capital projects that can no longer be funded in the CIP.

 

 

RECOMMENDATIONS:

Staff recommends that the Board approve the County’s Five-Year Financial Plan as presented at the December 2, 2009 Board meeting.

 

Return to regular agenda