Pontiac, Michigan -- Oakland County Executive L. Brooks Patterson announces that the Oakland County Board of Commissioners approved 23-0 his three-year, balanced budget recommendations for Fiscal Years 2010-2011, 2011-2012 and 2012-2013 today. The new budget begins October 1, 2010.
"Passing this three-year budget helps ensure Oakland County has the tools to maintain our coveted AAA bond rating," said Patterson. "The Budget Task Force, the Board of Commissioners and the countywide elected officials deserve a lot of credit for working together on this challenging task."
Patterson added, however, that the county will continue to face declining property tax revenue in the years to come while coping with rising costs in areas such as healthcare. "Even as the private sector begins its recovery, we will not return to the revenue levels we had in 2007 until at least 2020," Patterson said.
To mitigate the revenue contraction from reductions in property tax collections, Oakland County will continue to take innovative measures to pare its costs while minimally impacting services to residents. For instance, Oakland County's Green Team identifies and implements energy-saving strategies in county facilities. It is expected to save taxpayers about $500,000 a year.
The Budget Task Force also continues to look deep into the future to identify any fiscal landmines on the budgetary road ahead. Currently, task force members are evaluating the numbers through the year 2016 and beyond.
To review Patterson's budget recommendations from his July budget address, click on www.oakgov.com/fiscal. For media inquiries only, please contact Bill Mullan, Media and Communications Officer, at 248-858-1048.