Item Coversheet



BOCC AGENDA ITEM


Item Title:Final Public Hearing for Adoption of the FY 2022-2023 Budget; Approve CIP Resolution; Approve Financial Policies
Date:9/26/2022
Department:Office of Management & Budget
Background:

On September 12, 2022, a public hearing was held on the tentative budget and proposed millage rates, at which time the taxing authority adopted a tentative millage and budget for FY 2022/2023.  A final public hearing is being held September 26, 2022, to adopt the FY 2022/2023 millage and budget.

 

On July 11, 2022, the Five-Year Capital Improvement Plan (CIP) was approved by the BOCC and is adopted annually with year-one projects funded as part of the County's annual budget.  Nassau County's Financial Policy Section V Capital Expenditure Policy, I.6., states that annually a Five-Year Capital Improvement Plan (CIP) will be developed and shall be adopted by a Resolution of the Board of County Commissioners.  Section V Capital Expenditure Policy, I.4., indicates at least 25% of One Cent Sales Surtax revenue will be dedicated to capital projects.

As part of the annual budget process, in accordance with Section I Budget Policy, Policy 10, "budget policies shall be reviewed as part of the annual budget process".  Financial policies were first adopted by Resolution 2006-151, with the last updated approved April 25, 2022 (Resolution 2022-100).  The proposed update includes revisions to Section II Fund Balance & Reserve Policy, addition of Section VII Fixed Asset Capitalization Policy, addition of Section VIII Grants Manual Policy, and addition of Section IX Nonprofit Funding Policy.

Request:
Public hearing to consider adoption of the FY 2022/2023 millage rates and budget; approve a Resolution adopting the Five-Year Capital Improvement Plan for FY 2022/2023-2026/2027, as amended, providing an effective date; approve a Resolution Updating the Financial Policies for the Board of County Commissioners, providing an effective date.
Financial/Economic Impact to Future Years Budgeting Process or Effect on Citizens:

The taxing authority adopts final millage rates and a budget for FY 2022/2023.  A millage rate determines the amount of ad valorem taxes to be assessed for the budget year.

By adopting a multi-year capital plan that addresses infrastructure, capital maintenance needs and ongoing operational budget impacts, the County is able to formulate a sound long-term financial plan using a diversified pool of revenue sources.

Adopted financial policies are followed when formulating and adopting the annual budget and subsequent changes.

Action Requested and Recommendation:

Public hearing to consider adoption of the FY 2022/2023 millage rates and budget; approve a Resolution adopting the Five-Year Capital Improvement Plan for FY 2022/2023-2026/2027, as amended, providing an effective date; approve a Resolution Updating the Financial Policies for the Board of County Commissioners, providing an effective date.

Is this action consistent with the Nassau County Comprehensive Land Use Plan?
NA
Funding Source:

Taxes; Permits, Fees & Special Assessments; Intergovernmental Revenue; Charges for Services; Judgements, Fines & Forfeits; Miscellaneous Revenue; and Other Sources


Additional Information Needed for Contracts/Agreements (If Applicable)
Contract Number assigned by Contracts Management:
N/A
For non-governmental agencies, has the document been sent to the vendor for signature?
N/A
Does the document need to be recorded? If so, who will pay the recordation fee?
N/A
Are there any special mailing instructions? (Include contact name, address, deadline for submittal, how to mail such as express mail, FedEx, etc):
N/A
How many originals are needed?
N/A

ATTACHMENTS:
DescriptionUpload DateType
FY22-23 Tentative Budget9/22/2022Cover Memo
Resolution-CIP FY22/23 through FY26/279/16/2022Cover Memo
Exhibit A-5 Yr CIP Index8/30/2022Exhibit
Resolution-Financial Policies9/22/2022Cover Memo
Redline Version-Section II Financial Policy Revisions9/22/2022Cover Memo