Title
a. Consider the recommended County Financial Policies containing County-wide financial principles and strategies for building the Fiscal Year (FY) 2014-15 Recommended Budget and ongoing fiscal management; and
b. Consider the financial strategy to fulfill Board direction established in the Financial Policies to fund the Road Fund through the County Transient Occupancy Tax contribution formula as calculated to maintain roads.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Consider the recommended County Financial Policies containing County-wide financial principles and strategies for building the Fiscal Year (FY) 2014-15 Recommended Budget and ongoing fiscal management; and
b. Consider the financial strategy to fulfill Board direction established in the Financial Policies to fund the Road Fund through the County Transient Occupancy Tax contribution formula as calculated to maintain roads.
SUMMARY/DISCUSSION:
In February 2003, the Board first adopted formal financial guidelines, policies, principles and strategies by establishing a framework for overall fiscal planning and management. The County Administrative Office (CAO) annually recommends updates to the County's existing financial policies, principles, and strategies in order to provide an enhanced framework for administering the current Budget and developing the Recommended Budget. Specific areas of focus include the following: Roles and Functions, Operating Budget Policies, General Financial Policies, Revenue and Expenditure Policies, Structurally Balanced Budget Policy, Fund Balance and Reserve Policy, Development of Performance Measures that are aligned with the County's Strategic Initiatives and Objectives, Strategic Planning Policy, County-wide Contingency and Reserve Policy, User Fees Fair Share Policy, Outside Agency Contributions Policy, Other Post Employment Benefits Policy, Enterprise Fund Policy, Internal Service Fund Policy, and Capital Facilities an...
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