TREASURER – COMPENSATION BOARD Division Description The Treasurer is an elected official responsible for collecting all County revenue, including Federal and State funds; ensuring County funds are adequately safe guarded; investing county funds into a secured interest yielding account; submitting financial reports to the state and County; and authorizing County disbursements. This division accounts for the costs shared between the State Compensation Board and the County for the operations of the Treasurer’s Office.
Base Budget Discussion The base budget is the estimated minimum cost for providing continued services/operations for each division/department. It is based on the prior year approved budget with adjustments. This budget shows how much it would cost in the next fiscal year to operate the same programs approved in the current fiscal year. Base Salary and Fringe Benefit Adjustments – The base budget includes funding to support a 5.7% increase on July 1 to offset the costs associated with the 5% VRS employee contribution beginning July 1. Previously, the County paid the 5% employee portion of the VRS cost. Due to changes made by the General Assembly, employees are required to begin paying these costs, offset with an equal pay increase by the locality. Also, funding is included to support a 2% merit increase on anniversary date based on a satisfactory performance evaluation, and a group life insurance rate increase from 0.28% to 1.32%. All other fringe benefit rates remain unchanged for FY 13. In FY 12, the final cost to the County for health insurance premiums was lower than budgeted allowing the base budget to absorb the FY 13 estimated increase. Base Compensation Board Revenue Adjustments – A total of $650 is added to the Treasurer’s base compensation board revenue budget. These funds account for the adjustment of revenues as reported by the State Compensation Board in the approved budget and reconciled by the County for FY 12 and FY 13. All compensation board revenues are reconciled to the final approved budget that is provided by the state each year.
Addenda and Reduction Discussion Addenda consist of dollars over and above the base budget target for operating and capital. Approved addenda items are generally for new and/or expanded services/initiatives. Reductions reflect dollars reduced in revenue and/or expense necessary to address a shortfall in the general fund revenue. $15,146 is Added to the Treasurer’s Compensation Board Revenue Budget – These funds account for the adjustment of revenues as approved in the Governor’s FY 13 budget. The increase in funding is due to a reduction in the state aid to localities flexible cut from $60 million to $50 million for FY 13. All compensation board revenues are reconciled to the final approved budget that is provided by the state each year.