Title
a. Receive and accept the County Administrative Office’s Budget End-of-Year Report for Fiscal Year 2024-25; and
b. Authorize the County Administrative Office and Auditor-Controller to make fund balance designations and budget modifications in Fiscal Year 2025-26 as specified in Attachment A (4/5ths vote required).
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Receive and accept the County Administrative Office’s Budget End-of-Year Report for Fiscal Year 2024-25; and
b. Authorize the County Administrative Office and Auditor-Controller to make fund balance designations and budget modifications in Fiscal Year 2025-26 as specified in Attachment A (4/5ths vote required).
SUMMARY:
The Budget End-of-Year Report (BEYR) evaluates the County’s year-end fiscal performance compared to the budget, as adopted and modified by the Board of Supervisors. Production of the BEYR is a collaborative effort between the County Administrative Office (CAO) and departments following the year-end closing adjustments overseen by the Auditor-Controller. Financial data analyzed in the BEYR is unaudited and subject to final adjustments.
The BEYR begins with an analysis of the countywide performance of the general fund, followed by an analysis of the financial performance of departments and other funds. The general fund year-end results were favorable, with expenditures of $851.2 million, revenues of $899.5 million, and cancellation of assigned and restricted funds of $34.6 million. The strong performance of discretionary revenue and prudent financial management by departments allowed the County to increase its strategic reserves to 7.2% of FY 2025-26 estimated general fund revenues, compared to the 10% policy target set by County ordinance.
The BEYR includes recommendations by the CAO to increase fund balance designations for capital projects, contingency reserve, strategic reserves, and future cost pressures.
DISCUSSION:
The general fund ended FY 2024...
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