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County CFO: maintain reserves, keep budgets structurally balanced
Summary
CFO Kim Engelberg told supervisors that Orange County operates a complex $10.8 billion budget, highlighted payroll and monthly obligations, and described two primary reserves (budget stabilization at two months of general fund operating revenue and a contingency reserve set at 15% of ongoing general purpose revenues).
Kim Engelberg, the countys chief financial officer, told the special workshop the county needs a structurally balanced budget and industry-standard reserve levels to manage volatility in revenue and expenditures.
"The county budget is complicated. It is 10,800,000,000. It involves 22 distinct…
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