Agenda Item Name:
Title
Fund Balance and Fiscal Status Update
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Presenter:
Tommy Crosby, 352-337-6205
Description:
Brief history and status of Fund Balance in preparation for setting tentative millages and FY23 budget discussions.
Recommended Action:
Recommended Action
No action requested.
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Prior Board Motions:
NA
Fiscal Consideration:
Fiscal Consideration
FY23 Budget preparation
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Strategic Guide:
Strategic Guide
All Other Mandatory and Discretionary Services
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Background:
On June 28, 2022, the County Manager delivered a balanced budget with a strong emphasis on the current and future economic environment, including inflation and wage demand from a shrinking work force.
The budget was developed within the parameters of the Financial Policies adopted by the Board, in addition to Board direction to focus on Roads and Employee compensation.
The Board was then provided with an economic update focusing on inflation, interest rates and the “Great Resignation” with a view of the next 12 - 18 months.
On July 12, 2022 at 5:01 p.m., the Board will set tentative millages for the General Fund and MSTU for Law Enforcement and establish tentative Assessment levels. To best prepare for these decisions, the Board should be informed of our fiscal status and the journey to achieve our strong fiscal position and how to maintain the position.