AGENDA DATE: 10/7/2020
TITLE:
Title
Preliminary Unaudited FY 20 End-of-year Revenues and Expenditures
BODY
SUBJECT/PROPOSAL/REQUEST: This provides a first look at the preliminary unaudited FY 20 end-of-year revenues and expenditures
ITEM TYPE: Consent Information Item
STAFF CONTACT(S): Richardson, Kamptner, Birch, Allshouse, L., Bowman, Vinzant
PRESENTER (S): N/A
LEGAL REVIEW: Not Required
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: The Finance and Budget Department has preliminarily closed out the financial records for FY 20, which ended on June 30, 2020. In April 2020, staff reduced the revenue assumptions for the last quarter of the year and instructed all departments to reduce expenditures due to the anticipated but unknown impacts of the COVID-19 pandemic on the County's budget. Staff continues to closely monitor our financial situation on a regular basis. In preparation for the audit and the development of the Comprehensive Annual Financial Report, this executive summary provides the Board of Supervisors with high level preliminary unaudited information about FY 20.
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: Overall, the FY 20 Revenues, which were budgeted at $315.5M, are projected to come in at $315.8M, which is a $327K increase over the budget. Due to the impacts of COVID-19 in the last quarter, our consumer driven revenues, such as food and beverage taxes and Transient Occupancy taxes, are projected to come in at $2.6M lower than the FY 20 budget, however, this decrease is offset by an additional $2.2M in real estate revenues.
The preliminary FY 20 business-driven taxes, budgeted at $16.1M, were $264K less than the budgeted amount in FY 20, while the local personal property taxes came in at $1.0M over budget. Business-driven tax revenues are primarily based o...
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