County of Monterey - File #: BC 23-165

• File #: BC 23-165
• Name: Receive the Budget End-ofYear Report for FY 22-23
• Type: Budget Committee
• Status: Agenda Ready
• File created: 11/21/2023
• In control: Budget Committee
• On agenda: 11/29/2023
• Title: a. Receive and accept the County Administrative Office's Budget End-of-Year Report for Fiscal Year 2022-23; and b. Support authorizing the County Administrative Office and Auditor-Controller to make fund balance designations in Fiscal Year 2023-24 as specified in Attachment A.

Date	Action By	Action	Result
11/29/2023	Budget Committee

Title
a. Receive and accept the County Administrative Office's Budget End-of-Year Report for Fiscal Year 2022-23; and
b. Support authorizing the County Administrative Office and Auditor-Controller to make fund balance designations in Fiscal Year 2023-24 as specified in Attachment A.
Report
RECOMMENDATION:
It is recommended that the Budget Committee:
a. Receive and accept the County Administrative Office's Budget End-of-Year Report for Fiscal Year 2022-23; and
b. Support authorizing the County Administrative Office and Auditor-Controller to make fund balance designations in Fiscal Year 2023-24 as specified in Attachment A.

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 an unassigned fund balance of $13.3 million, expenditures of $856.0 million, revenues of $798.2 million, cancellation of assigned funds of $107.7 million. The strong performance of discretionary revenue and prudent financial management by departments allowed the County to partially replenish its strategic reserves towards the 10% of Fiscal Year (FY) 2023-24 adopted general fund revenues goal set by County ordinance. The BEYR also includes recommendations by the CAO to increase fund balance assignments for capital projects. The surplus and the fund balance designations recommended by the CAO are testaments to the County's conservative management culture and the continuous monitoring...