Title
a. Provide direction on revision of the County Financial Policies including an additional $2.0 million above and beyond to the contribution percentage share for the Road Fund as approved in May of 2014.
b. Support taking the County Financial Policies to the Board of Supervisors including direction as provided by the Budget Committee.
Report
RECOMMENDATION:
It is recommended that the Budget Committee:
a. Provide direction on revision of the County Financial Policies including an additional $2.0 million above and beyond to the contribution percentage share for the Road Fund as approved in May of 2014.
b. Support taking the County Financial Policies to the Board of Supervisors including direction as provided by the Budget Committee.
DISCUSSION/SUMMARY:
The County Administrative Office (CAO) annually recommends the County's existing financial policies, principles, and strategies to provide an enhanced framework for administering the current budgets and developing the Recommended Budget. The recommended Financial Policies included with this report incorporate language as directed by the Budget Committee on December 3, 2014.
The Board first adopted formal financial policies in February 2003, establishing a framework for overall fiscal planning and management. Subsequently, the CAO staff has annually reviewed the policies and recommended updates to the Board. 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, 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 and Improvement Policy.
The Board and County management have continuously made significant progress in devel...
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