Budget Development and Monitoring Controls
Purpose
The purpose of this policy is to establish annual budget process guidelines resulting in an annual adopted budget based on sound fiscal principles which delivers valuable services to County residents in an efficient manner.
Policy
It is the policy of the BOCC that the County’s proposed annual tentative budget for presentation to the BOCC (the “Budget”) will be developed based on a set of industry recognized best practices. Those practices are as follows:
- The Budget process will be consistent with Florida Statutes and other applicable laws and regulations.
- The Budget process will be in compliance with Truth-In-Millage requirements.
- Revenue estimates and projections will be developed using appropriate sources (including state estimates), historical analysis, comparison techniques, modeling, and other methods.
- Each year a five-year general fund proforma analysis will be completed in order to assure that the following year’s Budget is consistent with long-term planning objectives.
- The BOCC will annually establish service priorities and levels of service standards (“community service standards”) to guide the budget development process and resource allocations.
- The Budget will be structurally balanced so that recurring revenue sources are matched with recurring expenditures.
- Budgeted general fund reserves will be set according to BOCC policy to allow the County to achieve the highest possible credit ratings.
- Each annual Budget process will include an exercise to identify budget efficiencies and other business opportunities.
- Each annual Budget process will include an exercise to review vacant positions in an effort to identify possible Budget efficiencies.
- All County funded agencies must submit annual funding requests to justify any changes to their continuation level budget.
- Any approved Budget request must be supported by performance data/metrics and be consistent with the County’s community standards.
- Budget decisions must be consistent with the BOCC’s strategic planning focus.
- Commissioner budget requests must provide a justification, indicate if they are recurring or one-time, comply with this policy, reflect community service standards, and be approved by a simple majority vote of the BOCC.
- A quarterly budget to actual financial report will be placed on the BOCC’s consent agenda.
- A regular staff agenda item will be placed on the BOCC’s agenda when there is a change greater than $100,000 in a reserve for contingency balance in the general funds.
Any deviation or amendment to this policy shall require a supermajority vote of the BOCC.