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4. BUDGET OVERVIEW BY COUNTY ADMINISTRATOR JOSEPH A. BAIRD <br />County Administrator Joseph Baird reflected on the economy of the past four years. He <br />calculated that during that time, the County had lost $25.9 million in Ad Valorem tax revenues, <br />30% revenue in sales tax, 85% of revenue in impact fees, and noted that the Building Department <br />is currently operating with about 15% less revenue than in the past. He pointed out that the <br />County had adjusted cost initiatives with minimum service cuts, and without increased taxes or <br />fees. <br />Administrator Baird, using a PowerPoint Presentation (on file), reported that the <br />2010/2011 proposed budget is $259,455,120, down from $358,877,136, about 27%. He <br />conveyed that 207 positions were eliminated, of which 32 were supervisory, and 51 more <br />positions would be eliminated in the coming year. He thanked the International Association of <br />Fire Fighters (IAFF) for foregoing their pay raises so a tax increase would not be required, and <br />noted that the Teamsters had taken their pay raises while no other employees would be taking <br />theirs. He said the 51 eliminated positions would account for about a $2.8 million reduction, a <br />re -negotiation of health insurance would save about $180,000, decreasing overtime would save <br />$240,000, and the bond issue which has been paid will reduce the Ad Valorem taxes by <br />$1,270,000. Administrator Baird informed the Board that Indian River County has never lost <br />money until this year, and in this proposed budget, staff is considering reducing the Fund <br />Balance by $3.4 million. He divulged that the County has adequate reserves, and that their goal <br />is to keep a 28% Reserve Fund balance. <br />2 <br />September 8, 2010 <br />Preliminary Budget Hearing <br />