AGENDA DATE: 10/21/2026
TITLE:
Title
Economic Outlook Report
BODY
SUBJECT/PROPOSAL/REQUEST: Receive presentation of the Economic Outlook Report to include local, state, and national 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 annual Economic Outlook Report prepared by an outside consultant with expertise in local government financial forecasting.
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, staff will present some local revenue data, 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, and time is planned for Board questions and discussion. 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