Title
a. Receive and accept the FY 2013-14 Year-end Estimate and Annual Three-Year Financial Forecast for the period of Fiscal Year (FY) 2014-15 through FY 2016-17;
b. Approve recommendation that the County Counsel-Risk Management Office provide an annual report to the Board's Budget Committee and to the Board of Supervisors detailing annual funding levels and estimated cost obligations based on results of the annual actuarial for the County's General Liability Insurance fund.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Receive and accept the FY 2013-14 Year-end Estimate and Annual Three-Year Financial Forecast for the period of Fiscal Year (FY) 2014-15 through FY 2016-17;
b. Approve recommendation that the County Counsel-Risk Management Office provide an annual report to the Board's Budget Committee and to the Board of Supervisors detailing annual funding levels and estimated cost obligations based on results of the annual actuarial for the County's General Liability Insurance fund.
SUMMARY:
The Three-Year Financial Forecast (attached) provides County policy makers and the public with an updated assessment of the County's financial condition through the current and next three fiscal years. Forecast outcomes are intended to provide a projection of General Fund and individual department costs for maintaining current year levels of service moving forward. Projected totals are developed based on current year statutes, policies, and operations. Salary and benefits expenditures include Board-approved employee group salary and benefits changes, assumed increased costs for employee healthcare insurance and PERS retirement, earned step increases, and related changes in salary-driven costs such as Social Security and Medicare. Departmental changes in estimated revenues are based on the most recent financial data and available information about federal and state funding levels, and approved changes in fees and service char...
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