Five-Year Financial Plan



The Five-Year Financial Plan is a forecast of revenues and expenditures beginning with the current year budget (FY24) and continuing for four additional years. Using a five-year planning window helps ensure the county can meet commitments, obligations and anticipated needs in a strategic, fiscally sound manner. The plan includes both operating and capital budgets for the General Fund. The plan assumes the Board of Commissioners will maintain current service levels. Staff also factor economic trends and conditions into assumptions used in developing projected revenues and expenditures.

Property Tax

Property tax is the largest revenue source for the General Fund. Assumptions include:

• Property valuations increase of:

FY24 2.0%

FY25 25.0% (Revaluations Year)

FY26 1.0%

FY27 1.0%

FY28 2.0%

• Tax collection rate of 98.75% for Real Property and 99.5% for Vehicles (DMV) during the five-year period.

• Sustained tax rate of $0.74 per $100 of assessed value.

• No sustained recession.

Sales Tax

Sales tax is the second largest revenue source for the General Fund. Assumptions include:

  • Based on the estimated actual collection for FY23
  • Two percent growth for remaining years.
  • No contraction or expansion of the tax base.
  • No change to sales tax distribution.
  • No sustained recession.

Other Revenues

Assumptions include:

  • Intergovernmental Revenue/Grants – zero growth annually.
  • Permits & Fees – two percent growth annually.
  • Sales & Services – two percent growth annually.
  • Investment earnings – zero growth annually.
  • Miscellaneous – zero growth annually.


Major expenditure assumptions include:

  • Ten percent increase to salaries and wages annually.
  • Five percent increase for education expenditures.
  • Three percent for all other expenditures.


Spending specified in the Five-Year Financial Plan is growing, as is the county. The plan provides for the opening of new/replacement schools and strives to meet the growing needs of the County, the school systems, and the community college, while maintaining adequate reserves and a stable tax rate.

As a final note, it is important to note revenue projections assume an improving economy. In the absence of such improvement, adjustments will be required to meet community needs.