Title
Staff recommends that the Finance Committee review and approve the 2018-19 budget update calendar for the mid-cycle budget update process.
Body
OVERVIEW
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 year. 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.
The 2017-18 and 2018-19 biennium budget was adopted by the City Council on June 5, 2017. As part of the biennium budget process, a mid-cycle update is required for the second year of the biennium. All departments will submit revenue projections and expenditure requests for the mid-cycle budget update. These requests are reviewed at many administrative levels and a final City Manager Proposed Budget Update showing estimated revenues and expenditures is prepared. The proposed budget update 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 City Budget.
Staff has begun the process for developing the 2018-19 Budget Update. The City Manager’s Proposed Budget Update is scheduled to be presented to the City Council on May 21, 2018.
Staff is requesting Finance Committee to approve the 2018-19 budget update calendar.
CONCLUSION
Staff recommends that the Finance Committee review and accept the attached 2018-19 budget update calendar for the City’s mid-cycle budget update.