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Regular-General Government # 32.
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| Board of Supervisors |
Financial Services |
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| Subject |
| Receive annual update on Long-Term Financial Plan as of September 2017. (No general fund impact) (Newens) |
| Recommended Action |
| Receive annual update on Long-Term Financial Plan for Yolo County as of September 2017. |
| Strategic Plan Goal(s) |
| Operational Excellence |
| Reason for Recommended Action/Background |
This report provides a status update on implementation of the Long-Term Financial Plan through September 2017. Below are highlights of the major efforts and accomplishments that have been made toward the goal of financial sustainability over the past year:
- Standard & Poors increased the County's credit rating two notches from A- to A+ with stable outlook, citing the County's strong economy, financial liquidity, budgetary performance and institutional framework
- The initial three-year Capital Improvement finance plan was completed, including issuance of a $17 million lease-revenue bond
- New policies on revenue, grants and donations were approved by the Board to guide the County's approach to revenue development and diversification, and to establish guidelines for donations and grant funding
- Additional funding was allocated to increase the General Reserve to 5.5% of average General Fund and Public Safety Fund expenditures
- A pension funding strategy has been implemented to include pre-payment of the County's annual pension contribution and allocation of resulting savings to a pension reserve or trust
- The County's OPEB liability was reduced significantly in the June 2016 actuarial valuation due to implementation of benefit caps and continued pre-funding of the OPEB liability
- Improvements were made to the Infor Financial and Human Resources systems, and work was initiated on the Talent Management module
- eBuilder software was implemented to improve capital project management, planning and tracking
More work remains to fully implement the Long-Term Financial Plan, including implementation of the Infor budget module, integration of the capital improvement plan into the annual budget process, refinement of long-range financial forecasts, improvement of financial transparency, strategies to mitigate capital asset and infrastructure liabilities, and assessment of the value of county services. However, the work accomplished thus far indicates financial sustainability is within reach, and should be achieved within the next year.
A detailed report of progress made toward the Long-Term Financial Plan through September 2017 is provided at Attachment A. |
| Collaborations (including Board advisory groups and external partner agencies) |
| All long-term financial planning activities and projects are undertaken under the direction of the County Administrator and with the collaboration of department heads and their financial officers. |
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| Fiscal Impact |
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| Source of Funds for this Expenditure |
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