General Fund performance is measured on a Fiscal Year basis (July through June). Q4, 2022 represents Q2 of the 22/23 Fiscal Year. This Initiative compares year-to date actual transactions as compared to the adopted budget for the General Fund and uses a 3-year historical average of that same comparison to determine overall performance.
Considering the broader economic climate and overall concerns about recession, staff are monitoring revenues closely – in particular taxes. Through Q1, as % of the adopted budget, tax revenues are performing just slightly under historical averages by approximately 1%. At this time, this variance is not overly concerning. However, this is an indicator that staff will continue to monitor closely.
Outside of tax revenues, grant revenues are slightly under budget as compared to historical norms. However, this is primarily driven by budget grant-related expenses, which are also under budget.
Given the considerations noted above, General Fund revenues and expenses, as a percentage of adopted budget, are performing closely in line with historical norms. As such, this Initiative is marked as On Target, despite the potential for recession and the impacts that a recession may have on County revenues.