title
REPORT
Department: Office of the Chief Financial Officer
Report Title: FY 2021 Recommendations of the IRFC
Report Period: FY2021-FY2025
Summary: The annual report filed by the Independent Revenue Forecasting Commission (the “IRFC”) provides a review of the recommendations for the FY 2021 Revenue Forecast and Long-Term Financial Plan. On 8/31/2020, the IRFC met to discuss and finalize its recommendations for improvements to the FY 2021 Revenue Forecast and Long-Term Financial Plan. The methodological improvements contained in the annual report include:
1. Developing alternative budget scenarios, stress test major revenues, maintain internal consistency across modeling efforts, and increase transparency by communicating results with all relevant stakeholders, including the public.
2. For major, existing sources of non-property tax revenues, incorporating the most recent data from national, state, and local sources when preparing short-term forecasts, where possible.
3. For new revenue sources, continuing to explore options that take advantage of what other jurisdiction have experienced; how local regulatory constraints might affect the County; and/or what national data and trends, appropriately scaled, suggest for County-level values.
4. For longer-term forecasts, continue model development and potentially add forecasts based on Gross Metropolitan Product and Gross Domestic Product into the menu of Long-Term Financial Plan methodologies.
The attached report provides recommendations, detailed analysis and methodological improvements to our work.
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