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2015-16 Recommended Budget & 2014-15 Annual Report Now Available | Business

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2015-16 Recommended Budget & 2014-15 Annual Report Now Available
Business, Community
2015-16 Recommended Budget & 2014-15 Annual Report Now Available

Today, Yolo County released its 2015-16 Recommended Budget and 2014-15 Annual Report.  The Board of Supervisors will consider the recommended budget on June 16.  Total expenditures for the county are recommended in the amount of $346,140,712 with general purpose revenues of $64,267,400, which represents an increase of $2,056,823 from the 2014-15 estimated general purpose revenue.  Capital expenditures are recommended at $3,618,159. 

This year’s Recommended Budget takes a cautious approach due to the already extended length of the existing economic recovery.  Even as the economy proceeds through a gradual recovery, Yolo County continues to experience higher unemployment levels than surrounding areas, the state and the nation.  Job growth, while improving, continues at a slow pace.

“This budget continues the Board of Supervisors’ focus on long-term fiscal planning which was recognized last year when Standard and Poor’s raised the county’s credit rating to A- with a stable outlook,” said Yolo County Administrator Patrick Blacklock.

The number of Yolo County employees per 1,000 residents is seeing a slight increase (0.31) over 2014-15 due to additional positions added for expanding health and human services related functions.  However, staffing continues to be at a low point over a 20 year period and is the second lowest of comparison counties.

There are three major unfunded liabilities that continue to be a concern to the county’s overall fiscal health.  Pensions, retiree health and road maintenance have a combined current estimated liability of $674,296,004.  The pension liability of $215,717,734 has grown significantly (>50%) in the last two years despite pension reform lowering the formula for new employees.  This is due to changes in CalPERS’ rate changes, accounting methodology and revised employee termination assumptions of higher age retirement.  Steps are being taken to address the retiree health liability of $153,091,000 including implementation of a Board-approved pre-funding plan and evaluating future benefit options.  The road maintenance liability of $305,487,270 has yet to be addressed and staff is developing options for consideration which may include a regional capital improvement and financing plan.

Once adopted, the recommended budget will serve as the interim spending plan until the adopted budget hearings can be completed following adoption of the state budget.  The 2015-16 recommended budget is available online at www.yolocounty.org/budget-finance.

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