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(a) The County shall invest one-time over-realized general purpose revenue generated by greater-than-anticipated assessed value growth to restore the General Fund Reserve to the minimum required balance. If the General Fund Reserve minimum required balance is satisfied, the County shall invest one-time over-realized general purpose revenue generated by greater-than-anticipated assessed value growth to accelerate payment of pension unfunded actuarial accrued liability.
(b) The Debt Advisory Committee, as established by the Chief Administrative Officer, shall provide direct oversight on long-term financings and the portfolio of the County's long-term obligations excluding un-securitized leases and/or loans for permanent road divisions as authorized by Board of Supervisors policy. The Debt Advisory Committee shall assess the ability of the County to repay the obligation, identify the funding source of repayment, evaluate the impact of the ongoing obligation on the current budget and future budgets, assess the maintenance and operational requirements of the project to be financed, and consider the impact on the County's credit rating.
(c) Long-Term Obligations shall not be used to finance current operations or for recurring needs.
(d) Annual principal and interest payments on Long-Term Obligations of the General Fund shall not exceed 5% of General Fund revenue.
(Added by Ord. No. 10523 (N.S.), effective 4-12-18; amended by Ord. No. 10635 (N.S.), effective 12-19-19; amended by Ord. No. 10922 (N.S.), effective 11-21-24)
On or about the fourth week of May of each year the Chief Financial Officer shall file with the Chief Administrative Officer who in turn shall file with the Board, a copy of the tabulation of the budget estimates of proposed expenditures and anticipated revenue for each office, department, institution, district, board and commission for the next ensuing fiscal year, as required by the provisions of Section 29062 of the Government Code.
(Amended by Ord. No. 2672 (N.S.), adopted 3-3-64; amended by Ord. No. 6272 (N.S.), effective 5-20-82; amended by Ord. No. 9629 (N.S.), effective 4-15-04; amended by Ord. No. 10185 (N.S.), effective 1-5-12; amended by Ord. No. 10315 (N.S.), effective 2-6-14; amended by Ord. No. 10635 (N.S.), effective 12-19-19; amended by Ord. 10916 (N.S.), effective 10-10-24; amended by Ord. No. 10922 (N.S.), effective 11-21-24)
State law reference(s)--Filing required, Gov. Code, § 29062.
The Chief Administrative Officer, upon receipt of budget estimates filed as provided in Section 113, shall, as required by Section 29061 of the Government Code, immediately proceed to examine the same and make such investigations and studies in regard thereto as they may deem necessary, and to hold hearings on said budget estimates and to examine such estimates, which said hearings and examinations shall be concluded by said Chief Administrative Officer and their recommendations with respect to said estimates submitted to the Board in May of each year.
(Amended by Ord. No. 2672 (N.S.), adopted 3-3-64; amended by Ord. No. 6272 (N.S.), effective 5-20-82; amended by Ord. No. 10185 (N.S.), effective 1-5-12; amended by Ord. No. 10635 (N.S.), effective 12-19-19; amended by Ord. No. 10922 (N.S.), effective 11-21-24)
State law reference(s) -- Examination of budget estimates, Gov. Code, § 29061.
Upon submission to the Board of Supervisors of the Chief Financial Officer’s tabulation of budget estimates and the recommendations of the Chief Administrative Officer with respect thereto, said Board shall consider them and make such revisions, reductions or additions as it deems advisable. Unless the Board finds it impractical to do so, not later than the fourth week of June of each year, the Board shall approve by resolution the tabulation with the revisions, additions and changes in conformity with its judgement and conclusions as to a proper financial program for the next succeeding fiscal year in accordance with Section 29064 of the Government Code.
(Amended by Ord. No. 2672 (N.S.), adopted 3-3-64; amended by Ord. No. 6272 (N.S.), effective 5-20-82; amended by Ord. No. 10185 (N.S.), effective 1-5-12; amended by Ord. No. 10635 (N.S.), effective 12-19-19; amended by Ord. 10916 (N.S.), effective 10-10-24; amended by Ord. No. 10922 (N.S.), effective 11-21-24)
State law reference(s) -- Notice requirements, Gov. Code, § 29064.
Following submission to the Board of Supervisors of the recommendations of the Chief Administrative Officer and prior to adoption of the final County budget, said Board shall hold such hearings as may be necessary to permit any officer, board, commission or person whose estimates are recommended for increase or reduction by the Chief Administrative Officer to have a hearing thereon.
Unless the Board of Supervisors finds it impractical to so do, not later than the 20th day of June of each year it shall commence public hearings on the recommended County Budget pursuant to the provisions of Section 29080, et seq., of the Government Code. As soon as practicable after the conclusion of such public hearings, the Board shall cause to be made such revisions of, deductions from, or increases or additions to the proposed budget it deems advisable and, unless it finds it impractical to so do, not later than the last week of June the Board shall, by resolution, adopt the budget as finally determined, pursuant to the provisions of Section 29088, et seq., of the Government Code. As soon as practicable after the conclusion of such public hearings, the Board shall cause to be made such revisions of, deductions from, or increases or additions to the proposed budget it deems advisable and, unless it finds it impractical to so do, not later than the last week of June the Board shall, by resolution, adopt the budget as finally determined, pursuant to the provisions of Section 29088, et seq., of the Government Code.
(Amended by Ord. No. 2672 (N.S.), adopted 3-3- 64; amended by Ord. No. 10185 (N.S.), effective 1-5-12; amended by Ord. No. 10635 (N.S.), effective 12-19-19)
State law reference(s) -- Public hearings on proposed budget, Gov. Code, § 29080 et seq.; adoption of budget, Gov. Code, § 29088 et seq.
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