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11.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 fmancial 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 />