title
Receive an update on initial County Fiscal Impacts from the COVID-19 Emergency and the revisions to budget assumptions for FY2020/21
body
Published Notice Required? Yes ____ No _X _
Public Hearing Required? Yes ____ No _X _
DEPARTMENTAL RECOMMENDATION:
It is recommended that the Board of Supervisors receive an update on initial County Fiscal Impacts from the COVID-19 Pandemic Emergency and revisions to budget assumptions for FY2020/21.
SUMMARY:
At this time, roughly three months into the COVID-19 pandemic medical emergency and the related actions and reactions locally, statewide, nationally and worldwide, the County of Solano and the cities are planning not only for emerging from the restrictions and anticipating the reopening of businesses but also working on the new challenges that the economic shutdown has had. While it is difficult to predict accurately the extent of all the impacts, closures and reductions that business activities have or will have throughout the State, County or locally, especially when we are still operating under State restrictions, we do anticipate reduced revenues. The County General Fund, the main budget that accounts for general purpose revenues such as interest income, real estate related revenues and property taxes, is expected to see reductions in several sources before year end. We anticipate additional impacts to program specific revenues that draw their funding from sale tax revenues, including Prop 172. Fortunately, during the FY2019/20 midyear projections, County departments had identified salary savings from vacancies and improved revenue receipts which will help to offset the immediate revenue shortfall in other areas. As a result, the County Administrator does not currently expect additional cuts in the current fiscal year, and we can absorb the loss of revenue within the midyear projected year-end fund balance.
The challenge for FY2020/21 is different, in preparing for both the close of the ...
Click here for full text