DATE:
May 23, 2023
35
TO:
Board of Supervisors
SUBJECT
Title
FISCAL YEAR 2022-23 THIRD QUARTER OPERATIONAL PLAN STATUS REPORT AND BUDGET ADJUSTMENTS (DISTRICTS: ALL)
Body
OVERVIEW
This report summarizes the status of the County's Fiscal Year 2022-23 Adopted Operational Plan, as measured by projected year-end fund balance from current year operations. The projected year-end balance for the General Fund is $17.8 million (or 0.2% of the General Fund budget), and $115.9 million (or 1.2% of the Overall budget) for all budgetary funds combined. The projected fund balance anticipates an overall positive expenditure variance and an overall negative revenue variance from the Fiscal Year 2022-23 Amended Budget. The projection assumes General Purpose Revenue will perform better than estimated, and all business groups will produce operating balances except for the Health and Human Services Agency due to the contribution to Innovative Housing Trust Fund and deferral of payments from Federal Emergency Management Agency (FEMA) revenue which will be covered by overall variance in County General Fund and all business groups staying within the legal appropriation limit. The General Fund projections for 3rd Quarter have changed from a projected fund balance amount of $73.5 million in the 2nd quarter to the projected amount of $17.8 million in the 3rd Quarter. The primary change is due to the additional deferral of payments from FEMA. Anticipated amounts of $86.0 million from FEMA originally anticipated to be received by December 31, 2023 are now anticipated to be received in calendar year 2024. The projected balance for all other funds combined is $98.1 million (3.4% of the other funds combined budget).
Transfers and revisions to the amended budget can be made by formal action of the Board of Supervisors in accordance with the California County Budget Act, Government Code (GC) Section 29125. Increases to the overall budget require 4 votes. Transfers of appropriations ...
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