HTML Coverpage Q3Board of Supervisors 2023Information and General Services
Financial Stability and Core ServicesEmergency PreparednessEconomic DevelopmentBroadbandHousingHomelessnessRecreationClimate Resilience
Initiative DetailsComplete the Programmatic EIR and expand the permitting “tool kit” to facilitate broadband.Manage the “Last-Mile” Broadband Grant program with Sierra Business Council.Update the County's “Broadband Strategy.”Fund and implement the "Dig-Once" policy.Engage and inform the community about County efforts to expand broadband.Seek grant funding and advocate at state and federal level for broadband.Housing Master Plans ProjectSupport potential high growth sector developmentCultivate economic diversification, sustainability and equityEstablish infrastructure, further projects and plans to support economic vitalitySeek funding and advocate for economic development prioritiesSupport business attraction, retention and growthFinalize and approve the Nevada County Recreation and Resiliency Master Plan.Promote health and safety at river crossings, lakes, trailheads, and other high-use or high-risk areas.Enhance recreation access, health and safety, economic development, and resource conservation.Support capacity and sustainability of Western Nevada County organized recreation.Identify funding mechanisms and act on advocacy priorities to sustain recreation.Staff recreation collaborative(s) to promote countywide coordination.Establish partnerships to advance and undertake broadband construction projects.Community CoordinationMonitor economically sensitive revenues Reduce Hazardous Vegetation on County-Maintained Roads and County Owned PropertyEnsure healthy fund balances in major operating fundsPrepare and implement long-term financial plansDevelop and manage County budgetClimate Strategic PlanHarden Critical InfrastructureEnhance Carbon Storage and SequestrationFunding and AdvocacyHazard MitigationRecoveryIncrease availability of rental and mortgage assistance funding to prevent individuals and families from slipping into homelessness and implement a CoC-wide diversion strategyExpand services and housing opportunities to transition aged youth and families with children to prevent entry into the adult homeless system and long-term homelessness.Strengthen housing focused case management and post housing supportive servicesExpand year-round shelter capacityImplement a centralized Landlord Liaison Program (LLP)Facilitate and promote partnerships for the development of affordable and supportive housingExpand and strengthen non-congregant, navigation-based, interim housing optionsSupport system wide improvement to data collection measures, collaboration on funding opportunities, and implementation of the County-CoC joint strategic planStrengthen the coordinated multi-disciplinary case conferencing team (Homeless Resource Team)Continue to support and strengthen outreach, engagement, and case management
On Target
Monitor economically sensitive revenues
Board of Supervisors 2023

Description

Monitor activity in key economically sensitive revenues as an indicator of overall fiscal stability and to identify potential need to take corrective action.

Progress Update

Since Q3 (July through September 2023) represents the first quarter of the Fiscal Year (FY), which is traditionally not a strong indicator for the rest of the year, the following updates are focused on final FY 22-23 results

  • Property and Transfer Taxes
    • Property taxes are the largest source of discretionary revenues for the County, and continued to grow in FY 22-23, and at a higher rate than any of the previous five Fiscal Years (9%)
    • Transfer Taxes on the other hand came in less than the previous two Fiscal Years, but higher than FY 19-20 by 14%.
    • This is in part due to an unprecedented increase in transfer activities in FY 20-21, presumably a result primarily of COVID-19 pandemic driven market activity.
    • Transfer Taxes have historically been a leading indicator of trends on Property Tax revenues. However, the COVID-19 driven spike makes it difficult to predict what the FY 22-23 data means for the future
  • Sales Tax
    • Sales tax revenues softened as compared to FY 21-22
    • However, FY 21-22 was somewhat anomalous as compared to the previous several fiscal years
    • FY 22-23 is ended 8% higher than FY 20-21, which may indicate a return to more typical performance going forward
  • Transient Occupancy Taxes (TOT) revenues grew by 19%
  • Business Activity
    • Building fees performed slightly better than FY 21-22
    • Recording fees are down as compared to previous years
    • Similar to transfer taxes, these fees experienced an unprecedented increase coincident with the COVID-19 pandemic
    • However, the revenue projections indicate reduced activity even as compared to pre-pandemic years
  • Gas Tax revenues exceeded previous years, indicating no significant slowing in this area of economic activity

Next Steps

Plans for Q4 (October through December 2023) include:

  • Continue to monitor key revenue streams for indicators of recession
  • Develop pre-emptive recession response plans with Fiscal Administrative Collaboration Team (FACT) to ensure departments are ready to respond quickly if/when needed

Measures

Not Defined
Property Taxes and Transfer Taxes
Board of Supervisors 2023
Not Defined
Other key general fund revenues
Board of Supervisors 2023
Not Defined
Business Activity
Board of Supervisors 2023
Not Defined
Gas Tax
Board of Supervisors 2023

Objectives

Caution
Financial Stability and Core Services
Board of Supervisors 2023

Owner