Table of Contents:

• Budgetary Overview
• Available Financing (All Funds)
• Financing Requirements (All Funds)
• General Fund Budget
• Allocation of Property Taxes
• Economic Indicators
• Property Values
• Industry Employment
• Geographic Characteristics
• County Population
• County Employees (All Funds)

BUDGETARY OVERVIEW

The FY 2007-08 County budget was adopted by the Board of Supervisors on June 18, 2007.

Overall, total County budgeted appropriations increased by $75.1 million over prior year’s adopted budget, - a 4.9% increase. The largest increase was in Public Ways & Facilities due mainly to formation of a new County Service Area 34 – El Rio Operations & Maintenance.

Total budgeted revenues increased 5.1% or $73.2 million over prior year budget amounts. All tax revenue increased by $27 million or 7.2% while all secured property tax revenue increased by $22.5 million over the same period, an increase of 8.8%.

The number of full time equivalent (FTE) positions increased by 240 to a total of 7,965 representing an increase of 3.1% over prior year’s adopted budget.

The budget includes estimated retirement costs of $103 million, an increase of approximately $22 million over prior year, resulting primarily from a change in actuarial valuation assumptions related to demographic changes.

Although the budget is balanced, there are a number of issues that may negatively impact future budgets including increases in medical insurance and retirement costs, an increasing jail population, seismic retrofitting of the hospital, future State audits, and various facilities maintenance projects.

As a result of the State not adopting a budget until late August, the County will need to review its budget to ensure that any State funding reductions to County programs are offset by corresponding reductions in the affected departments’ budget or offset by alternative revenue sources.

A complete copy of the adopted budget document is available at the Auditor-Controller’s website at: http://auditor.countyofventura.org.

If you have any questions or comments regarding the finances of the County of Ventura, please contact us at (805) 654-3151 or post a question at our website listed above.

AVAILABLE FINANCING
(All Funds)

FINANCING REQUIREMENTS
(All Funds)

 FINANCING REQUIREMENTS

Public Protection:  Sheriff, Fire, District Attorney, Probation Agency, Resource Management, Watershed Protection Districts

Health & Sanitation: Health Care Agency, Environmental Health, Ventura County Medical Center

Public Assistance:  Human Services Agency: Program Operations and Direct Recipient Aid, Workforce Development; Community Development Block Grants

General Government: Special Accounts & Contributions, Capital Projects, County Executive Office, Assessor, Auditor-Controller

Public Ways and Facilities:  Road Fund, Oxnard & Camarillo Airports, Waterworks Districts

Recreation:  Harbor, County Parks

Education:  Library Services, Farm Advisor  

(Note: above is a sample listing of activities only)

GENERAL FUND BUDGET 

 

• Total General Fund (GF) appropriations of $877 million increased 4.7% over prior year adopted figures and 6.3% over prior yrar actual expenditures.

• Total GF revenues estimated at $877 million, an increase of 4.1% over prior year adopted amounts and 5% over prior year actual receipts.

• Total "Taxes" revenue is budgeted at $279 million, an increase of 7.7% over prior year adopted budget and 5.9% over prior year actual amounts.

• Total budgeted reserves and designations balance of $119 million represents 14% of total GF revenues - an increase of $21 million over prior year adopted budget.

• Total General Fund Full-Time Equivalent (FTE) positions increased by 138 to 4,837, an increase of 2.9% from the prior year's adopted budget.

• Budget includes fundin for negotiated salary increases as well as estimated increases for contracts under negotiation.

    ALLOCATION OF PROPERTY TAXES

Reallocation of property taxes by the State has resulted in significant decreases in County and district revenues. Approximately $1.05 billion in property taxes will be available in 2007-08 for allocation.

  ECONOMIC INDICATORS

Source:  UCSB Economic Forecast Project, 2007

• Ventura County's gross county product per capita growth rate was 3.4% for 2006, higher than that of California (2.5%) and Tri-counties area (2.4%).

• Retail sales for 2006 increased approximately 7.7%.

• Median family household income for Ventura County is estimated at $79,500, higher than California's estimated median family income of $64,100.

• Ventura County's job growth rate grew by 1.8% in 2006, a net job increase of over 5,600.

• Ventura County's 2006 economy has outperformed United States and California economy. Source: California Department of Finance.

• Economic outlook is for slower growth in 2007 due to the housing market, credit tightening and consumer uncertainty.

PROPERTY VALUES

Source: California Association of Realtors

• As of June 2007, existing single-family home sales in Ventura County decreased 22% from June 2006.

• The County’s median sales price for an existing single family home was $692,730 in June 2007, down 2% from the previous year.

• In the second quarter of 2007, Ventura County's median home price affordability for the first-time buyer is estimated at 25%, comparable to prior year. Source: Ventura County Auditor-Controller (August 2007).


• Assessd valuation (AV) in 2007-08 increased 8.0% to 98.5 billion from 91 billion in 2006-07.

INDUSTRY EMPLOYMENT

Source: California State Employment Development Department, July 2007

• Employment in the County continues to be strong. The unemployment rate in June 2007 was 4.7% comparable to that of the nation, but below that of California's 5.2%. This ranks Ventura County at number 11 on the list of California counties with the lowest unemployment rate.

GEOGRAPHIC CHARACTERISTICS

• Ventura County covers an area of 1,873 square miles and is twenty-sixth in size among California's fifty-eight counties.

• Ten cities - San Buenaventura is County seat.

• Mild climate, forty-two miles of picturesque coastline and many recreational facilities contribute to the County's residential and tourist appeal.

COUNTY POPULATION 

Source: California Department of Finance.

• 825,500 (January 1, 2007) - 1% increase over prior year.

• 11th most populous county in the State.

• 372,913 Registered voters (June, 2007). Source: Ventura County Elections Division.

COUNTY EMPLOYEES
(All Funds)