HomeMy WebLinkAbout080320_ra01 JEFFERSON COUNTY
BOARD OF COUNTY COMMISSIONERS
REGULAR AGENDA REQUEST
TO: Board of County Commissioners
FROM: Mark McCauley,Central Services Director
Philip Morley, County Administrator
Patty Charnas, County COVID-19 Finance Section Chair
Anne Sears,Budget Consultant
DATE: August 3,2020
SUBJECT: Update on General Fund Six-Year Financial Model and Mid-Biennium Review
STATEMENT OF ISSUE: This is a continued update as the County approaches the start of its mid-biennium
review and modification process. Staff has updated the County's Six-Year General Fund Financial Model to reflect
current revenue projections under the COVID-19 pandemic, as well as likely potential COVID-19 response costs
through the end of 2021. While considerable uncertainties remain regarding the future trajectory of the COVID-19
pandemic and attendant impacts to the economy, County revenues and County costs, as of today, staff does not foresee
the need for additional budget reductions in 2021 beyond the ongoing budget reductions adopted earlier this year.
ANALYSIS: On March 11, 2019,the BOCC approved an ordinance, 03-0311-19,which provided for the County to
shift to biennial budgeting. The ordinance requires a mid-biennium review and modification of the 2021 budget
adopted in December 2019. This process requires that staff review revenue and expense projections and projected fund
balances, for six years, including the current year.
This process is complicated by the current Covid-19 pandemic,which is having a number of effects on revenues and
expenses. The financial model presented today includes Covid-10 related revenue impacts, such as reductions in fees
and sales taxes,due to reduced activity due to the virus.
Working with the various County departments, budget staff has now incorporated estimates of Covid-19 related
expenses and potential Covid-19 related reimbursement revenues from FEMA,the CARES Act, and other funding
sources into our Six-Year General Fund Financial Model.
Based on this updated model, (see attached draft)we are not suggesting any general fund budget reductions in 2021
beyond the target adopted in June of this year. On August 10, staff will brief the Board of Commissioners on specific
departmental targets to reflect the June adjustments in the 2021 Budget as part of the Mid-Biennium Review.
FISCAL IMPACT: See attached spreadsheet.
RECOMMENDATION: Hear the staff presentation, and provide guidance on whether the Board concurs with
staff's recommendation to implement the June adjustment in 2021,without further department spending reductions.
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