Title
a. Receive the Monterey County Financial Forecast, which assesses the County's fiscal condition for the current year and three forecast years (FY 2017-18 through FY 2019-20);
b. Support the adoption of a resolution to authorize the Auditor-Controller to amend the FY 2016-17 Adopted Budget to incorporate the recommended mid-year modifications; and
c. Receive an oral report from the Resource Management Agency (RMA) on the status of current damages and critical repairs needed in response to the winter storm events.
Report
RECOMMENDATION:
It is recommended that the Budget Committee:
a. Receive the Monterey County Financial Forecast, which assesses the County's fiscal condition for the current year and three forecast years (FY 2017-18 through FY 2019-20);
b. Support the adoption of a resolution to authorize the Auditor-Controller to amend the FY 2016-17 Adopted Budget to incorporate the recommended mid-year modifications; and
c. Receive an oral report from the Resource Management Agency (RMA) on the status of current damages and critical repairs needed in response to the winter storm events.
SUMMARY:
The County's financial forecast is the first step of the annual budget development cycle. Staff conducts a comprehensive mid-year review of planned spending and anticipated revenues for the current year, budget year, and two additional out years. The result of this review is an assessment of the County's financial condition, emerging needs and the capacity to fund those needs as well as current levels of service and operations for the remainder of the fiscal year and beyond.
DISCUSSION:
A number of significant and unplanned events, some of which present immediate health and safety issues, have placed extraordinary costs on the County in the current year. Disasters caused by the winter storms and the Soberanes Fire have caused an estimated $34.0 million in damages, including $11.1 million for immediate repairs needed in the current year. In addition, the ...
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