Title
Adopt the updated General Financial Policies reflecting revisions previously approved by the Board of Supervisors on April 14, 2026.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors adopt the General Financial Policies reflecting revisions previously approved by the Board on April 14, 2026.
SUMMARY/DISCUSSION:
On April 14, 2026, the Board adopted the updated the General Financial Policies which reflect the County’ fiscal management framework, including updates to operating budget requirements, revenue and expenditure policies, fund balance, economic development set-a-side percentages, and reserve policies. The recommended updates were intended to strengthen fiscal discipline, support long-term financial sustainability, clarify governance structures, and ensure alignment with Countywide priorities. Due to an oversight during the creation of the FY 2026-27 Recommended Budget the incorrect version of the County’s General Financial Policies was included. The fiscal policies included did not reflect the changes approved by the Board on April 14, 2026, and also incorrectly identified the percentages for the agency’s funded by the Transient Occupancy Tax Economic Development Set-Aside (DSA). The percentages for the agency’s funded by the DSA were established by the Board in April 2024 and have been memorialized in the General Financial Policies since. Those percentages were correctly stated in the Boards April 14, 2026, update to the General Financial Policies, however incorrectly stated on the General Financial Policies that were attached to the FY 2026-27 Recommended Budget. To reaffirm the Board’s direction from April 2024 and what was included in the adopted FY 2026-27 Budget. Those agency’s are to receive a percentage of the Transient Occupancy Tax collections from the most recent audited fiscal year. Those percentages are:
Monterey County Convention and Visitors Bureau 5.03%
Monterey County Business Counsel 0.50%
Monterey Count...
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