County Reports Good Financial Status in Second Quarter
Author: Administrative Office
Date: 3/7/2018 9:48 AM
The County of San Luis Obispo was in good financial shape at the end of the second quarter of this fiscal year, according to a recent report.
The County Administrative Office presented the Fiscal Year 2017-18 Second Quarter Financial Report to the Board of Supervisors at yesterday's public meeting. The report provides an overview of the County’s financial position in the second quarter of the current fiscal year, which took place between Oct. 1 and Dec. 31, 2017.
According to the report, the County’s spending levels and revenue streams were on par, for the most part, with last year. By the end of the second quarter, the County had received $226.4 million or 37 percent of estimated revenue, which includes property and sales tax, collected license and permit fees, fines, forfeitures, penalties, and other financing sources. The County had only spent about 40 percent of the amount budgeted for expenses for the year at the end of the second quarter.
The County also received more than $75,000 in donations, which were designated to appropriate programs and services. Most County departments reported that their budgets were on track at the end of the second quarter. However, there were some areas of concern reported.
Some items of note for the second quarter included:
- The County Behavioral Health Department expects a revenue shortfall at year-end.
- The County’s actions to implement the State’s Sustainable Groundwater Management Act (SGMA) has had a minimal impact on this year’s finances.
- Airports reported a 30 percent increase in passenger boarding numbers.
- Dairy Creek Golf Course’s lack of sufficient revenue will require a large subsidy from the General Fund, as authorized by the Board of Supervisors.
- The County’s Department of Social Services reported more than $285,000 in unbudgeted expenses related to In-Home Support Services, due to shifts at the State level. But these will be offset by unexpected growth in various revenue sources.
The County is continuing to closely monitor expenses of the current fiscal year, as it expects a budget deficit next fiscal year.
For media inquiries, please contact County Administrative Analyst Lisa Howe at (805) 781-5011 or [email protected].
