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Orange County amends financial policy; sets $13.5 million minimum annual capital investment floor
Summary
The Board adopted an amendment to county financial policies that raises the minimum annual investment in capital and related debt service to $13.5 million and establishes an annual review of the floor.
The Orange County Board of Supervisors voted to amend its financial policy guidelines and set a new minimum floor of $13,500,000 for annual investment in capital and related debt service.
Deputy County Administrator Linda Paul told the board the county's financial policy adopted ahead of FY2015 included a now-outdated floor amount ($10,613,458). Staff proposed updating that fixed-dollar floor to $13.5 million and adding language requiring annual review and adjustment of the floor as budgets change.
Paul said the team considered tying the floor to a percentage of consolidated budget or local revenues but recommended a fixed minimum with annual review to avoid unintended constraints on budgeting decisions. She also recommended updating references to reassessment frequency (from every four years to annual) and replacing the term "carryforwards" with "reappropriations".
A supervisor asked whether $13.5 million should be higher; Paul said she was comfortable setting it as a minimum rather than a requirement that would force a particular allocation in every year. The board voted to adopt the amended financial policy as presented.
The motion passed by voice vote after a second; no roll-call dissent was recorded in the transcript.
