Memorandum
Date: September 14, 2021
To: The Honorable Lake County Board of Supervisors
From: Carol J. Huchingson, County Administrative Officer
By Stephen L. Carter, Jr., Chief Deputy County Administrative Officer
Subject: 9:30 A.M. - PUBLIC HEARING - Consideration of the Final Recommended Budget for Fiscal Year 2021-2022 for the County of Lake and Special Districts Governed by the Board of Supervisors
Executive Summary:
We are pleased to present, for your Board's consideration, the Fiscal Year (FY) 2021-22 Final Recommended Budget. This memorandum is intended to serve as an update to our June 9, 2021 memorandum introducing the FY 2021-22 Recommended Budget. For your reference, that memorandum is also attached to your agenda packet as much of it is still applicable.
Fund balance carry-over increased by just over $7 million from FY 2020-21 to FY 2021-22 mainly due to the County's high vacancy rate and specific revenues that came in higher than anticipated. As we further stabilize County finances, staff recommends using a portion of it to increase your General Fund General Reserve to a total of $12.5 million, which equates to 25% or 3 months of last fiscal year's General Fund (GF) actual expenditures.
Property tax: The increase in property taxes received between FY 2019-20 and FY 2020-21 was $1,180,437.51, which equated to a 4.74% increase.
Sales Tax: Bradley-Burns (1%) Sales tax revenues received in FY 2020-21 equaled $4,414,350.19 which was an increase of $1,132,343.86 over FY 2019-20. Prop 172 sales tax revenues for FY 2020-21 equaled $3,417,484.37 which was an increase of $182,079.29 compared to FY 19/20.
Transient Occupancy Tax: Transient Occupancy Tax (TOT) revenues totaled $1,098,227.28 in FY 2020-21 which was an increase of $247,909.76 year over year.
American Rescue Plan Act (ARPA) also known as State and Local Fiscal Recovery Funds (SLFRF): The County received half of the $12,506,226 SLFRF funds in May 2021 and the second half pa...
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