AGENDA DATE: 12/18/2019
TITLE:
Title
December 18 Five Year Financial Plan Work Session
BODY
SUBJECT/PROPOSAL/REQUEST: December 18 Five-Year Financial Plan Work Session
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Allshouse, L., Bowman, Vinzant
PRESENTER (S): Lori Allshouse
LEGAL REVIEW: Not Required
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: In accordance with the budget development schedule, the Board of Supervisors holds a series of work sessions in the fall to review long-range fiscal planning information prior to the annual budget process.
The first work session, held on November 13, was a joint work session with the School Board. During the November 13 work session, the Board of Supervisors and School Board reviewed and discussed information on five-year revenue projections, the Capital Improvement Plan (CIP) Advisory Committee’s recommendations for the FY 21- FY 25 CIP, major operational expenditure assumptions, and the School Division’s five-year financial forecast.
At the second work session, held on December 4, the Board of Supervisors received and discussed information on General Government’s five-year financial plan.
STRATEGIC PLAN: Mission: To enhance the well-being and quality of life for all citizens through the provision of the highest level of public service consistent with the prudent use of public funds
DISCUSSION: Long-range financial planning is an important component of the County’s fiscal processes. It brings together three major components of the County’s budget development processes: Schools, General Government and Capital. It also provides a venue for discussion regarding important longer-term priorities and creates a framework within which the next fiscal year’s budget development will take place.
During the December 18 work session, the Board will complete its discussion on the five-year financial plan and will be asked to provide guidance on the next fiscal year’s budget development process.
BUDGET IMPACT: Long-range financial planning connects long-range fiscal planning with strategic priorities and provides an important context for the annual budget process.
RECOMMENDATION:
Recommendation
Staff recommends that the Board of Supervisors discuss longer-term priorities and provide direction to staff that will inform the upcoming budget process.
ATTACHMENTS: None