Title
Receive and accept the FY 2016-17 Budget End of Year Report from the County Administrative Office.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors receive and accept the FY 2016-17 Budget End of Year Report from the County Administrative Office.
SUMMARY:
The Budget End of Year Report (BEYR) evaluates year-end fiscal performance in comparison to the County's budget (operating plan), as adopted and modified by the Board of Supervisors (Board). Production of the BEYR is a collaborative effort between the County Administrative Office and operating departments following year-end closing adjustments overseen by the Auditor-Controller and published in the County's financial system. Financial data utilized in the BEYR is unaudited and subject to final adjustments. This report evaluates the County's fiscal condition for the year ending June 30, 2017.
DISCUSSION:
The County's general fund ended FY 2016-17 with revenues of $596.4 million and expenditures of $601.5 million, resulting in an operating deficit of $5.1 million (the first operating deficit since the recession). The County began the fiscal year with $6.0 million in unassigned fund balance carried forward from prior years and utilized $18.2 million in existing fund balance (mostly for fire and storm costs). These amounts combined with annual revenue totaled $620.8 million. In comparison, expenditures and assignments totaled $611.9 million. The net result is an ending unassigned fund balance of $8.8 million, of which $6.0 million represents fund balance that is carried forward from prior fiscal years and has already been obligated to fund one-time expenditures in the FY 2017-18 adopted budget. These results are subject to annual audit, with final results to be presented in the Auditor-Controller's Comprehensive Annual Financial Report later this fiscal year.
Notable financial results discussed in the BEYR include:
* Revenue fell below budget by $38.3 million, due to a techn...
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