Title
Discussion Regarding Biennial Budget Calendar for 2023-24 and 2024-25
Staffreport
SUMMARY AND RECOMMENDATION
Staff recommends that the Finance Committee receive and review this report regarding the biennium budget calendar for the Fiscal Year 2023-24 and 2023-25 and provide feedback to staff
BACKGROUND
The City Council-approved General Fund, Special Revenue Funds, Capital Improvement Projects and Enterprise Funds Budget is the annual plan and resource allocation that guides and ensures implementation of City Council policies and priorities over the next two years. The budget implements the vision and direction for the broad range of services that meet the needs of the community in accordance with City Council goals.
DISCUSSION
The biennial budget is adopted by the City Council no later than June 30th of each year in accordance with the City Charter and applicable sections of the California Government Code. As part of the budget process, all departments submit revenue projections and expenditure requests for the biennial budget. These requests are reviewed at many administrative levels and a final City Manager Proposed Biennial Budget showing estimated revenues and expenditures is prepared. The proposed budget is reviewed by the City Council in mid-May with a public hearing in June each year. Finally, the City Council adopts the budget resolution approving the new fiscal year’s City Budget.
The budget preparation process involves several key milestones as presented below. Staff has begun the process for developing the 2023-24 and 2024-25 City Budget. Over the next several months, staff will develop key budget documents and present them to the City Council for review and discussion.
As part of the City’s continued commitment to increasing financial transparency as well as community engagement, Finance in coordination with the CMO, will hold Town Hall Budget Outreach meetings in March. Community members will be encouraged to share their ideas and weigh in on budget priorities that matter most to them.
The calendar attached to the staff report provides key dates and deliverables for Committee consideration. The City Manager's Proposed Budget is scheduled to be delivered to the City Council on May 15, 2023.
Key Areas and Deliverables
• Proposed City Council Goal Setting/Community Needs
• Mid-Year Budget Review
• Capital Improve Program (CIP)
• Long-Term Financial Forecast
• Proposed Budget
• Community Input and Council Deliberations
• Budget Adoption
CONCLUSION
Staff recommends that the Finance Committee review and accept the attached budget calendar for the Fiscal Year 2024-25 City budget.
PREPARED BY
Mayette Bailey, Finance Manager
ATTACHMENT
Fiscal Year 2023-24 and 2024-25 Budget Calendar