AGENDA DATE: 10/5/2022
TITLE:
Title
Economic Outlook Report
BODY
SUBJECT/PROPOSAL/REQUEST: Receive presentation of economic outlook report to include national, state, and local economic factors
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Rosenberg, Bessette, Birch, Sumner
PRESENTER (S): Jacob Sumner; Dr. Sheryl Bailey, Visiting Professor of Practice, Virginia Tech
LEGAL REVIEW: Yes
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.
Historically, an economic outlook and forecast report prepared by staff was provided to the Board on its Consent Agenda. Moving forward, this analysis will be prepared on annual basis through an outside consultant with expertise in local government financial forecasting. 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.
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: The economic outlook report will inform the five-year financial plan discussions with the Board scheduled for November and December. Attachment A contains the full, detailed report.
BUDGET IMPACT: N/A
RECOMMENDATION:
Recommendation
Staff recommends the Board receive the presentation as an informational item.
ATTACHMENTS:
A - Annual Economic Outlook Report for Albemarle County, Virginia