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File #: 22-464    Version: 1 Name:
Type: Policy Status: Work Session
File created: 10/11/2022 In control: Board of Supervisors
On agenda: 11/2/2022 Final action:
Title: Five-Year Financial Plan Work Session
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AGENDA DATE: 11/2/2022

Five-Year Financial Plan Work Session

SUBJECT/PROPOSAL/REQUEST: Work session on five-year financial plan

ITEM TYPE: Regular Information Item

STAFF CONTACT(S): Richardson, Birch, Bowman, Vinzant


LEGAL REVIEW: Not Required

REVIEWED BY: Jeffrey B. Richardson

BACKGROUND: Long-range financial planning is part of the County's adopted financial policies: "The County will develop and annually update a long-range five-year Financial Plan. The Financial Plan will include a review of revenue trends and expenditures from the prior years' projections of revenues and expenditures, as well as future costs and the financing of the Capital Improvement Plan."

A long-range financial plan is different from the annual budget in that it emphasizes where the County may be headed at the end of the plan rather than the coming fiscal year. This planning can provide a helpful framework to inform the annual budget to ensure funding recommendations are aligned with County priorities. It also provides a framework to illuminate discussion around questions such as:

a) Are the County's operating and capital plans in alignment? For example, if the County starts constructing a new facility in the capital budget, is it able to open and operate it in a future operating budget - can the decisions being made today be afforded in future years?
b) What long-term strategies or policies could be considered to change the long-term trajectory of the financial plan?

The Five-Year Financial Plan is the next step in the County's long-term financial planning process, where to date:

- On August 24, 2022, the Board held a Strategic Planning Retreat for Fiscal Years 2024 - 2028 (FY 24 - 28).
- On September 7, the Board updated the County's Financial Management Policies and approved a FY 24 budget calendar
- On September 21, the Board held a work session on the FY 24 - 28 Strategic Plan Draft
- On October 5, the Board receive...

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