AGENDA DATE: 10/16/2024
TITLE:
Title
Economic Outlook Report
BODY
SUBJECT/PROPOSAL/REQUEST: Receive presentation of the Economic Outlook Report to include national, state, and local economic factors
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Sumner, Bowman
PRESENTER (S): Andy Bowman; Dr. Sheryl Bailey, Visiting Professor of Practice, Virginia Tech
LEGAL REVIEW: Not Required
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: The national, state, and local economy impacts the County’s revenues and expenditures. Understanding the current economic state and future forecasts enables the County to engage in long-term financial planning, prepare fiscally responsible budgets, and monitor its ongoing fiscal health.
This report is the third annual Economic Outlook Report prepared by an outside consultant with expertise in local government financial forecasting. Since the initial report, staff has remained engaged with the consultant on a quarterly basis, including the preparation of the updated annual Economic Outlook Report.
STRATEGIC PLAN: Mission - To enhance the well-being and quality of life for all community members through the provision of the highest level of public service consistent with the prudent use of public funds.
DISCUSSION: During this presentation, Dr. Sheryl Bailey, Visiting Professor of Practice from Virginia Tech’s School of Public and International Affairs, will present the annual economic report for Albemarle County. Attachment A contains the full, detailed report.
BUDGET IMPACT: The Economic Outlook Report will inform the five-year financial plan discussions with the Board scheduled for November and December.
RECOMMENDATION:
Recommendation
Staff recommends the Board receive the presentation as an informational item.
ATTACHMENTS:
A - Annual Economic Outlook Report for Albemarle County, Virginia