Title
Fiscal Year 2023/24 Budget Process
Revenues
1. Primary and Secondary Property Tax Rates
Staff requests guidance on which property tax scenario the Board would like included when drafting the FY 2023/2024 Budget:
Scenario No.1 - Truth in Taxation
Scenario No. 2 - Increased NAV and Required Decrease in Debt Service Tax Rate
Scenario Nos. 3 and 4 - Application of Board Policy D 22.12 - PAYGO and State Cost Shifts
Expenditures
1. Medical and Dental Rates
The HBT shortfall of $6.7 million needs to be funded. It can be funded through one of the following options:
A. The Board can transfer $6.7 million of General Fund cash to the HBT as part of the FY 2024 Budget.
B. The Board can transfer $6.7 million of General Fund cash to the HBT over two years, transferring $3.7 million in FY 2024 and $3.0 million in FY 2025.
C. The Board can increase premiums to employees. By covering the HBT shortfall through increasing premiums, employees would be asked to pay an additional $106 per year for individual coverage and $345 per year for family coverage. As I indicated in my September 30, Memorandum, Human Resources, Finance and Risk Management and the HBT Board are currently working with our consultant to analyze the data and determine the amount of the increase that will need to occur to the medical and dental rates for FY 2023/2024. This information will be presented to the Board in either November or December for consideration and adoption.
2. Classification and Compensation Study Finding and Employee Raises
The County has undertaken a comprehensive Classification and Compensation Study to ensure that the County's compensation accurately reflects the market. This study is expected to be completed around February 2023.
The County has provided compensation increases for its employees for the last two fiscal years, a 5% increase in FY 2021/2022 and a tiered range from 8.5% to 1% in FY 2022/23. Even with these increases, the County is still likely below the market in co...
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