HomeMy WebLinkAboutAgenda - 05-17-2007-ORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: May 17, 2007
Action Agenda
Item No.
SUBJECT: Fiscal Year 2007-08 Budget U
DEPARTMENT: Budget PUBLIC HEARING: (YIN) No
ATTACHMENT (S): INFORMATION CONTACT:
Laura Blackmon, (919) 245-2300
Donna Coffey, (919} 245-2151
PURPOSE: Ta update the Board on operating and capital budgetary items that will likely affect
the upcoming 2007-08 fiscal year budget planning process.
BACKGROUND: Throughout the year, staff has apprised the Board of a number of fiscal items
of interest that may potentially affect the development of the upcoming 2007-17 County Capital
Investment (CIP) plan, the 2007-08 Annual Operating Budget, or future years' budgets. Topics
have included negative impacts on the County's budget such as the anticipated decrease in
projected revenues from the North Carolina Education Lottery and the General Assembly's
interest in providing local property tax assistance to taxpayers throughout the State. In addition,
staff has shared preliminary budget drivers, including debt service, new facilities, school
budgets, and County staff requests that will require additional funding in fiscal year 2007-08.
During the Board's retreat in January 2007, Commissioners noted that the County's property tax
rate had increased each year over at least the last eighteen years. On April 24, 2007, the Board
approved goal statements for 2007 including a Tax Goal that targeted the tax rate increase for
fiscal year 2007-08 at the amount required to pay debt service issued during fiscal year 2006-
07. Staff is currently working to finalize an annual operating budget far fiscal year 2007-08 that
is in accordance with the Board's approve Tax Goal. The Manager plans to present her
Recommended Budget to Commissioners and orange County citizens on May 24, 2007.
At the May 17 work session, the Manager and staff plan to share a preliminary look at County
operating revenues and possible appropriations and staffing for next fiscal year. In addition,
staff plans to discuss allocations of the County's pay-as-you-go capital monies for fiscal year
2007-08. It is important to note that staff is still developing revenue and appropriation
recommendations for next year; therefore, background materials for this agenda item will be
presented and reviewed in detail at the work session.
FINANCIAL IMPACT: Staff plans to present the financial impact of items possibly affecting the
2007-0$ fiscal year budget during the May 27 work session.
RECOMMENDATION{S): The Manager recommends that the Board of County Commissioners
discuss items that will likely influence the upcoming fiscal year 2007-08 budget.