Friday, August 22, 2003

Fulton reviews budget

At a budget work session last week, the Fulton County Board of Commissioners received a mid-year review of the County's 2003 budgets.

Additionally, Fulton County Finance Director Patrick O'Connor provided preliminary revenue and expenditure forecasts for the 2004 budgets.

O'Connor projected that the county would end 2003 with a $60.4 million general fund balance, which amounts to 10.3 percent of the year's $602.5 million general fund budget. This fund balance exceeds the board's policy of a minimum General Fund balance of 8.33 percent of the total budget.

"The county's reserves remain healthy by even the most conservative measures. We continue to maintain an AA rating with three credit agencies, which is a very high standing," said O'Connor.

In July of this year, the board initiated $9.6 million in general fund budget cuts in response to the 2003 millage rate roll-back it established in June. In the coming months, the Fulton County Board of Commissioners will meet frequently, as provided by law, to establish 2004 budget priorities that are in line with revenue predictions.

"Not only is the Board of Commissioners diligently working toward a resourceful and well-managed 2004 budget, but our department directors fully support this endeavor in daily operations," said Fulton County Manager Thomas C. Andrews.