Title
a. Receive and accept the Budget End-of-Year Report for FY 2023-24; and
b. Authorize the County Administrative Office and Auditor-Controller to make fund balance designations in FY 2024-25 as specified in Attachment A (4/5ths vote required).
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Receive and accept the Budget End-of-Year Report for FY 2023-24; and
b. Authorize the County Administrative Office and Auditor-Controller to make fund balance designations in FY 2024-25 as specified in Attachment A (4/5ths vote required).
SUMMARY:
The Budget End-of-Year Report (BEYR) prepared by the County Administrative Office (CAO) Budget Team, in collaboration with offices/departments, evaluates the year-end fiscal performance compared to the budget, as adopted and modified by the Board of Supervisors. The year-end closing adjustments are 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 offices/departments and other funds.
The General Fund year end results were favorable, with expenditures of $824.8 million, revenues of $825.5 million, and cancellation of assigned and restricted funds of $40.3 million. The strong performance of discretionary revenue and prudent financial management by offices/departments allowed the County to partially replenish its Strategic Reserves to 6.6% compared to the 10% of FY 2024-25 adopted General Fund revenues goal set by County ordinance. The BEYR includes recommendations by the CAO to increase fund balance assignments for approved capital projects. The surplus and the fund balance designations recommended by the CAO are aligned to the County’s conservative management culture and the continuous monitoring of its finances with oversight of the Board and its Budget Committee.
DISCUSSION:
The General Fund...
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