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Regular-General Government # 30.
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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 2018. (No general fund impact) (Newens) |
| Recommended Action |
| Receive annual update on Long-Term Financial Plan as of September 2018. |
| 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 2018. Below are highlights of the major efforts and accomplishments that have been made toward the goal of financial sustainability over the past year:
- Initiated the Government Finance Officers Association (GFOA) Financial Sustainability Pilot project, including attending kickoff meeting at GFOA headquarters in Chicago
- Established a Grant Oversight Committee pursuant to the Grants Administration Policy, and implemented a new grant review process
- Implemented a countywide financial training program consisting of 11 courses covering a broad array of financial topics
- Finalized a Pension Funding policy and established a Section 115 pension trust to mitigate the risk of sharp increases in required annual contributions
- Updated the County’s Procurement policy to reflect current standards, implement best practices and enhance accountability
- Increased the General Reserve to 6.0%
- Developed a comprehensive 5-year financial forecast for the General Fund and Public Safety Fund
- Went live with OpenGov financial transparency portal for County employees through InsideYolo
- Improved the County’s website by implementing new and revised webpages for Internal Audits, Procurement, Revenues & Tax Collection, and posting additional financial reports and information
- Consolidated resources to strengthen the revenue collection function, including the new cannabis tax
- Substantially completed all essential improvements to the new Infor financial system
- Completed implementation of the redesigned and consolidated financial function in the County
- Received the GFOA Award of Excellence in Financial Reporting for the June 30, 2017 CAFR.
While some additional work remains, such as implementation of a modern budget system, developing a mechanism to recover the cost of asset maintenance and replacement, and assessing the value of County services, most elements of the Long-Term Financial Plan as originally envisioned are substantially complete. Looking forward, the GFOA Financial Sustainability Pilot Project will be used to assess the level of financial sustainability that has been achieved through this effort, identify remaining areas for improvement, and develop an action plan with specific strategies for implementation over the next three to five years.
A detailed report of progress made toward the Long-Term Financial Plan through September 2018 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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