The County continues to work well within its budget, according to the fiscal year 2015-16 year-end financial status report presented to the Board of Supervisors by County Administrative Analyst David Grim on September 13.
“We continuously work to maintain the public trust by being responsible stewards of public funds, and our financial status is consistently positive thanks to those efforts,” Grim said. “Nearly all County operating departments ended the year at or below their budgeted level of General Fund support. This contributed approximately $8.3 million in savings to the General Fund.”
The County remains in a financially healthy position at the conclusion of the fiscal year. The County also saw an increase in property tax revenue from a healthy housing market, as well as from sales and transient occupancy tax revenue, which is linked to increased consumer spending and tourism.
The County’s AAA rating on the treasury investment pool, a ratio of 29 percent for reserves and contingencies compared to General Fund expenses, and growing property and sales tax revenues all indicate a positive outcome for FY 2015-16.
The year-end financial status report is intended to provide the Board of Supervisors and the public with an overview of the County’s financial performance through the end of FY 2015-16.