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I1. F. LEISURE SERVICES -NONE <br />11. G. OFFICE OF MANAGEMENT AND BUDGET <br />11. G.1. TAX REFORM — AMENDMENT NO.1 <br />County Budget Director Jason Brown, through a PowerPoint presentation, gave a <br />broad overview of the County's overall 2008 financial status, which has been impacted by an <br />economic slowdown and by the passage of Amendment 1, the property tax reform. He <br />conveyed that today's discussion was intended to provide an overall framework for next year's <br />budget, and no specific recommendations would be made at today's meeting. <br />Commissioner Wheeler posed a question about whether the Land Acquisition <br />Bonds would be included in the budget cuts, and Director Brown affirmed that those bonds <br />would be impacted under Amendment 1. <br />Director Brown reported that Amendment 1 would result in an estimated $5.7 <br />million in lost revenues. With the addition of declining real estate values, there would be an <br />estimated total revenue loss of $15.9 million, or 15.6%, for the County (exclusive of other <br />revenue losses). <br />Using slides and charts to illustrate his points, Director Brown stated that, in order <br />to achieve the 15% cut, we must have assistance from the Constitutional Officers, since their <br />budget comprises 59% of the General Fund. If there was no cut in that area, everything else <br />would have to be cut by 38% to reach the 15% goal. Director Brown stated that any cuts would <br />be prioritized, and staff would be making recommendations to the Board, who would have to <br />make the policy decisions as to what gets cut. <br />February 19, 2008 23 <br />