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File #: 20-4203    Version: 1 Name: FY 2021 Independent Revenue Forecasting Commission Report
Type: Report Status: Filed
File created: 9/11/2020 In control: Board of Commissioners
On agenda: 9/24/2020 Final action: 9/24/2020
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. F...
Indexes: AMMAR RIZKI, Chief Financial Officer, Bureau of Finance
Attachments: 1. FY 2021 Recommendations of the IRFC - REPORT

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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