Inflation, 2023 Preliminary Funding and County Care projected revenues
The Independent Revenue Forecasting Commission develops and analyzes the 5-year consensus revenue forecast that is annually developed by the CFO.
The revenue forecast includes Sales and Use taxes, Property Taxes, Cigarette Taxes, Fuel Taxes and other sources of County revenue.
The meeting has started at 5:30pm. With Lawrence Wilson, who is the acting CFO of Cook County.
A presentation has started with Lindsey Hollander, the Cook County regional and policy economist talking about the overall economic encounters. https://t.co/tjTQNSDueu
Dean C. will now go over the preliminary forecast. A $2 billion budget. “For FYI22, a projection of a $233.4 million budget barrier due to revenue increases.” https://t.co/yuQRmWXNEC
“This is the tightest labor market [in my tenure] that we’ve ever had to experience,” says Dean C.
Commissioner Paula W. asks what labor costs are going to be like. Dean C. responds 85%. He says that this is based off of budgeted positions for labor expenses.
After Dean C. finished presenting on the Health Enterprise Fund, Hollander will talk more about the general fund.
Hollander is now talking about the unassigned ending fund balance, which she says is decreasing. https://t.co/3itOGRDT0n
Hollander: “when talking through our forecast, it is based on the baseline scenarios.” https://t.co/z4ZMmUrJm6
Commissioner Paula W. says that she appreciates Hollander going into detail. “I look at his picture and I find it hard to digest. But with this picture it’s hard to make that comparison.”
“The potential impact is if we don’t do something,” Dean C. says when talk g about the unassigned ending fund balance scenarios.
“We get as many people qualified for medicaid [as] we get as many people qualified for charity as we can. And then [the] remainder remains self pay,” says Hollander as she is explaining Net Patient Service Revenue (NPSR).
The meeting has adjourned at 6:44pm. The date for the next meeting is not yet listed yet.