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Regular-General Government # 37.
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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 2016. (No general fund impact) (Newens) |
| Recommended Action |
| Receive a detailed report on the status of the Long-Term Financial Plan for Yolo County as of September 2016. |
| Strategic Plan Goal(s) |
| Operational Excellence: Provide accessible, fiscally sound, dynamic and responsive services. |
| Reason for Recommended Action/Background |
This report provides a status update on the implementation of the Long-Term Financial Plan through September 2016. Below are highlights of major efforts and activities that have been taken toward the goal of financial sustainability since the October 2015 report:
- The Board continued to place emphasis on long-range planning through adoption of the 2016-19 Strategic Plan
- Strategic Plan Goals were incorporated into the annual budget process through development and submittal of department annual plans beginning in 2016-17
- The new Infor Financial and Procurement system was implemented and went live on November 2, 2015
- Work continued on the Infor Workforce Management (timekeeping) and Talent Development modules
- The Board continued to address long-term imbalances through implementation of caps on retiree health benefits and continued pre-funding of the OPEB liability
- A cost recovery mechanism for electricity costs was implemented through creation of the Yolo Electric Internal Service Fund
- The inaugural three-year Capital Improvement Plan was completed and presented to the Board, and an initial financing plan was developed
- Countywide internal control standards have been updated to reflect the current Committee of Sponsoring Organizations (COSO) framework
- The Department of Financial Services began efforts to enhance financial transparency and improve financial reporting through the use of new software.
Much work remains, including the refinement of the Infor system and implementation of the budget module, further improvement of the capital budgeting process, refinement of the long-range financial forecast, improvement of financial transparency, addressing the roads and pension unfunded liabilities, and assessment of the value of county services. The work accomplished thus far indicates that the County is generally on track to be on a financially sustainable path by the end of 2017.
A detailed report of progress made toward the Long-Term Financial Plan through September 2016 is provided as 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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