Yolo County’s Board of Supervisors permitted a $573 million really useful price range for 2021-22 on Tuesday, a doc that may function an interim spending plan till a remaining price range is permitted within the fall.
Between at times, the county might be figuring out the best way to spend its $42.8 million in American Rescue Plan funds and awaiting a remaining state price range. What impression the reopening of the economic system can have on native income additionally stays to be seen.
However heading into summer season, the county is “in a a lot better place than we thought we might be,” mentioned interim County Administrator Daniel Kim.
Key metrics that have been considerably impacted on the onset of the pandemic and shut-down have largely recovered. Yolo County’s unemployment fee stays above pre-pandemic ranges however continues to say no, based on the county’s chief monetary officer, Chad Rinde.
Dwelling costs and retail gross sales are at document highs, he mentioned, however the long-term sustainability of each stays to be seen.
And whereas rising dwelling costs profit those that personal property and have seen their fairness enhance, the flip aspect is the problem to these struggling to afford housing within the county.
The really useful price range permitted Tuesday eliminates 20 full-time equal positions whereas including 25 elsewhere for a internet enhance of 5 new county employees positions.
The county’s total staffing stays effectively beneath the place it was 20 years in the past. In 2002, the county had 9.32 full-time workers for each 1,000 residents. After a steep decline in the course of the recession starting in 2008, the county now has 7.35 workers for each 1,000 residents.
Unfunded liabilities proceed to be a major concern for the county.
The pension legal responsibility of $350 million has greater than doubled within the final 4 years regardless of pension reform decreasing the method for brand spanking new workers and that legal responsibility is anticipated to develop.
“This value enhance is because of modifications in CalPERS’ assumed funding earnings, modifications in accounting methodology and revised assumptions of upper age retirement,” based on the county.
The retiree well being legal responsibility continues to say no due to a pre-funding plan, with the newest 2020 actuarial research displaying an unfunded legal responsibility of $65 million, down from $153 million in 2014.
The county’s street upkeep legal responsibility of $477 million stays unaddressed.
Approval of the really useful price range comes throughout what Kim referred to as “unprecedented instances for Yolo County.”
“The pandemic has generated important financial disruption and financial uncertainty over the previous 12 months,” he mentioned. “On the similar time, the one-time federal American Rescue Plan funds supply Yolo County a once-in-a-lifetime alternative to make neighborhood investments to remodel the county.”
Kim mentioned the county plans a “measure twice, reduce as soon as” course of going ahead, “so we will extra thoughtfully take into account the best way to make the very best use of those one-time funds.”
The county has acquired half of the $42.8 million and can obtain the remaining half in Could 2022.
The funds can be utilized on pandemic response and financial restoration in addition to infrastructure and different wants.
Neighborhood workshops are deliberate for July, adopted by a check-in with the Board of Supervisors in August with selections included into the adopted price range in September.
The 2021-22 really useful price range totaling $572.8 million — permitted by county supervisors Tuesday on a 5-0 vote — features a internet working price range of about $526 million and a capital enchancment price range of $46.6 million.
By comparability, the 2020-21 really useful price range was $539 million, which, in flip, was smaller than the 2019-20 really useful price range of $554.7 million.
— Attain Anne Ternus-Bellamy at [email protected] Comply with her on Twitter at @ATernusBellamy.