The Spending Affordability Committee shall make advisory recommendations to the County Executive, the County Council, and the Office of Management and Budget concerning: Spending affordability; Ways to improve the County's budgetary procedures and policies; and Other related areas upon request of the County Executive or County Council by resolution. On or before October 1 of each year, the committee shall submit to the County Executive and the County Council a preliminary report recommending County spending levels for the next fiscal year consistent with the capacity of the tax base and revenue sources of the County to finance public services and long-term debt. A copy of this report shall be filed with the Clerk of the Council and be made available for public inspection. The report shall provide recommendations for the following spending affordability guidelines: A ceiling on total general fund appropriations for the ensuing fiscal year; Separate maximum general fund spending allocations for: The Board of Education; Debt service; and All other general government expenditures, in the aggregate, for the ensuing fiscal year; and Appropriate levels of general fund reserves and fund balances for the ensuing fiscal year. On or before January 1 of each year, the Committee shall submit to the County Executive and the County Council a final report on spending affordability guidelines for the County Executive's proposed capital and operating budgets for the ensuing fiscal year. This report shall contain the Committee's final recommendations concerning each of the spending affordability guidelines. A copy of this report shall be filed with the Clerk of the Council and be made available for public inspection. In developing the spending affordability guidelines, the Committee shall consider the following factors, among others: Growth and stability of the local economy; Growth in the assessable base and ad valorem property tax revenues; Estimated revenues from the County, State, and Federal governments; Changes in personal income and other measures of tax capacity; Debt affordability indicators such as a ratio of net bonded debt to total assessed value, the ratio of debt service to general fund expenditures, debt per capita, and the ratio of per capita debt to per capita income; The level of inflation and inflation trends; Commercial construction, housing and other ancillary industry-related planning, zoning, permitting, financing, and sales activity; The level of unemployment and labor force trends; and Projected population and school enrollment changes. In developing the proposed capital and operating budgets, the County Executive shall consider the Committee's spending affordability recommendations. If the proposed budget exceeds any of the recommended affordability guidelines, the County Executive must explain in writing the justification for exceeding the recommendations.