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County staff explains foreclosure fees, timing of revenue recognition
Summary
Staff said foreclosure-related fees are added as incurred (title reports, advertising) and that revenue from property sales tied to foreclosures is not recognized immediately; current foreclosures cited with a December sale date.
Commissioner Roey and staff discussed how the county handles foreclosure-related costs and when revenues are recognized. A staff member explained the county now adds foreclosure fees as they occur — for example when title reports are ordered or advertising runs — rather than recording a flat fee at the start of the process.
On the timing of revenue recognition, the staff member said foreclosure-sale proceeds are not recognized at sale and noted the current foreclosures have a sale planned in December. The explanation was offered to clarify why some goods-and-services budget lines appear low at midyear when fees and revenues are still being processed.
