“I thank the Council for their swift approval of our proposal to establish a new set of fiscal policies and to enact changes to the Revenue Stabilization Fund law to address our structural budget challenges, including an increase in the County’s reserves from six percent to ten percent over the next nine years.
“This change is critical to continue the work I began four years ago to put the County’s fiscal house in order. We need to look beyond the year-to-year challenges by establishing a six-year structurally-balanced plan. We need to make sure that we as a County put aside more money to assist us in responding to volatile County revenue flows in lean years, especially from the income tax.
“Under this set of changes, reserve funds cannot be spent to support recurring expenses. Revenue above the required reserves can only be used to fund one-time expenditures. And, in good times, additional revenue would flow into the Revenue Stabilization Fund to further enhance our reserves and ensure future, continued fiscal stability.
“These changes make good sense all around.”