4 components (balanced budget, adequate reserves, diverse revenues and strong bond rating) that provide an index score that gauges the County’s annual budget health.
The Financial Health Index provides an approximate assessment on the County’s overall financial health.
Medium – the County operates in a fiscally responsible manner but some components that go into the Financial Health Index are influenced by outside economic conditions.
The economic and financial situation for the County improved during 2021 despite the lingering effects of the pandemic. Federal relief funds continued to boost the County’s ability to respond to the pandemic with funding of essential programs and non-profits to assist residents and businesses recover from the economic impact. This relief allows the County’s reserves to remain healthy even with the increased spending. The County also took advantage of lower interest rates and its strong creditworthiness to refinance a lease obligation to reduce payments going forward. For the budget process, the Board’s new strategic plan continued to emphasize structurally balancing the operating budget while also maintaining current assets and planning for future financial sustainability. The impending future transitions of the District Attorney’s Office and Tri-County Health Department resulted in increased focus on these areas and the budget process began to fund analysis in these two critical service areas and set aside funding for potential operating budget increases in future years.