Title
Receive and accept the Budget End of Year Report for FY 2017-18 from the County Administrative Office.
Report
RECOMMENDATION:
It is recommended that the Budget Committee receive and accept the Budget End of Year Report for FY 2017-18 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 departments following year-end closing adjustments overseen by the Auditor-Controller. Financial data analyzed in the BEYR is unaudited and subject to final adjustments.
DISCUSSION:
The BEYR promotes financial transparency and fiscal oversight by assessing financial performance and outcomes of year-end financial results The BEYR begins with an analysis of countywide performance of the general fund followed by detailed analysis of departments and other funds.
The general fund ended FY 2017-18 with revenues of $659.9 million and expenditures of $627.5 million, resulting in an operating surplus of $32.4 million. Key outcomes include:
* The operating surplus was largely driven by technical accounting changes directed by the Auditor-Controller to recognize restricted revenues subsequently transferred into restricted fund balance accounts in accordance with governmental accounting standards;
* There were also non-recurring revenue events, including collection of $14.6 million in cannabis revenue under the prior tax structure, a $7.2 million transfer from Natividad into the general fund to be applied to the hospital's strategic reserve, $3.8 million in disaster reimbursements, and $2.7 million in SB 90 reimbursements for State mandates.
* Although much of the operating surplus was technical or non-recurring in nature, the general fund saw continued healthy growth of $8.7 million in discretionary r...
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