Title
Chief Administrative Office recommending the Board:
1) Receive and file the attached Fiscal Year 2023-24 Mid-Year Budget Report and if needed, provide direction to staff; and
2) Approve and authorize the Chair to sign a Budget Transfer from the Auditor-Controller and Treasurer-Tax Collector to increase unanticipated delinquent tax revenue by $25,000 and transfer the funding to the Treasurer-Tax Collector’s Office (4/5 vote required).
FUNDING: Countywide Budget.
Body
DISCUSSION / BACKGROUND
Each year, the Chief Administrative Office works in conjunction with County departments to review the status of the current year's budget and present a Mid-Year Budget Report which summarizes the County's budget status following the first two quarters of the fiscal year. The review and report are intended to identify any material variances in projected revenues and expenses, and provide a fund balance estimate relative to the upcoming fiscal year budget preparation.
The Mid-Year Budget report includes Attachment A, a memo from the Chief Administrative Office summarizing the County’s budget status. Attachment B is a table of each department’s General Fund Projections. Attachment C is a narrative providing further information explaining the projections outlined in Attachment B. Attachment D outlines each of the County’s subfunds, the fund balance, reserves, and designations at the time of adoption of the Fiscal Year 2023-24 Adopted Budget.
Departments submitted their Fiscal Year (FY) 2024-25 Budget requests to the Chief Administrative Office on February 20, 2024. A special Board meeting is planned for Tuesday, April 10, 2024, to discuss any major revenue, expenditure, and/or policy issues related to the FY 2024-25 Recommended Budget, before the Chief Administrative Office finalizes work on the budget book. The CAO Recommended Budget for FY 2024-25 is estimated to be complete by mid-May, with the Budget Hearing set for June 11, 2024.
Lastly, the Board is being asking to approve a Budget Transfer that will increase delinquent tax revenue in the Auditor’s Office and transfer the funding to the Treasurer-Tax Collector’s Office. Due to increased collections on defaulted prior year tax bills, the revenue has already exceeded budgeted amounts. This transfer will align the budget with actual collections and transfer the funding to the Treasurer-Tax Collector’s Office, increasing Services and Supplies and Temporary Employees. The Auditor-Controller and Treasurer-Tax Collector have prepared the attached transfer form and requested it be approved with the Mid-Year Budget Report.
ALTERNATIVES
The Board could choose not to receive and file the FY 2023-24 Mid-Year Report or provide direction to staff. The Board could also choose not the approve the Budget Transfer.
PRIOR BOARD ACTION
09/26/2023 Legistar item 23-1771 - FY 2023-24 Budget Adoption
OTHER DEPARTMENT / AGENCY INVOLVEMENT
All County departments participate in the development of this report by providing the CAO with mid-year projections and summary status information.
FINANCIAL IMPACT
There is no direct financial impact associated with the attached report. The Budget Transfer increases revenues and appropriations with no Net County Cost impact. Any other direction from the Board that may have a financial impact will be brought back to the Board for approval and/or incorporation into the Budget.
CLERK OF THE BOARD FOLLOW UP ACTIONS
None
STRATEGIC PLAN COMPONENT
Strategic Innovation by Working as One Organization
CONTACT
Sue Hennike, Assistant Chief Administrative Officer