$866 Million Budget for Placer County Approved
The Placer County Board of Supervisors has approved the county's final 2017-18 budget of $866.2 million, an increase of 6.2 percent from the previous year's budget of $815.8 million. District 2 Supervisor Robert Weygandt was absent.
The board adopted a proposed budget of $796.5 million June 13 for the county's fiscal year beginning July 1. The final budget reflects updated revenues and costs.
"This is a balanced budget that recognizes future obligations, protects the county from potential foreseeable impacts and provides critical services to the communities," said Kate Sampson, deputy county executive officer.
Property taxes, the county's largest revenue source, continue to trend upwards as property values increase. Sales taxes, transient occupancy taxes and other revenue sources tied to the county also continue to improve; however, growth from those revenues are expected to soften as financial experts contemplate the potential for an economic slowdown.
One-time budgeting adjustments for several critical areas were delayed until now, to ensure a clear picture of the final balances at the end of the last fiscal year. Some of those items included in the final budget are:
* Nearly $5 million in funding for road repair and infrastructure, including road overlays in eastern Placer County and 100 miles of chip seal in south Placer County;
* $1 million in funding for open space property acquisition in support of the Placer Legacy Program;
* $2.3 million in funding for public safety technology upgrades;
* $1.1 million investment to offset unfunded pension obligations;
* $1.9 million in general fund contingency reserves;
* $1.5 million in reserves to account for economic uncertainties; and
* $225,000 toward the county's housing program work plan, partnering with other agencies and non-profits to ensure attainable housing for people of all income levels.
This budget reflects the expected $2.9 million in revenue from California's new Road Maintenance and Rehabilitation Account, created from Senate Bill 1, which recently increased the gas tax among other funding mechanisms. That funding is planned for local road projects.
Placer County's operating budget can be seen anytime at www.placer.ca.gov/transparency.
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