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FY15-16 BUDGET WORKSHOP
Staff Contact: Tom Duensing, Director, Finance and Technology
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Purpose and Policy Guidance
Recommendation
The purpose of this item is to provide Council with information relative to the FY15-16 budget process. Staff is seeking Council policy guidance and input on the development of the FY15-16 budget.
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Background
At the December 16, 2014, City Council Workshop, staff presented the Five-Year Financial Forecasts for the General Fund and other major operating funds of the city. The discussion continued at the first Budget Workshop on February 3, 2015. Staff presented the FY15-16 budget calendar, process overview, state legal requirements, and budget components. During the planning process for the FY15-16 budget, a series of budget workshops have been scheduled to seek policy guidance and input from the council on various budgetary items. During this budget process, staff will advise Council of the potential impacts of budgetary decisions on the long-term financial forecasts.
Analysis
This is the second budget workshop reviewing the progress and seeking Council feedback for the FY15-16 budget development. Staff will present Council with the budget workshop calendar, seek input regarding a fund balance policy, provide an overview of the FY15-16 revenues projections, and continue discussion on other budget items for consideration requiring Council policy guidance and input.
The City's annual budget can be broken down into four major components; revenues, operations, capital, and debt service. This budget workshop discussion will focus on the city's major revenue sources and policy items. Budget discussions will continue through a series of budget workshops scheduled in March to present, review, and discuss each component of the annual budget. The workshops will conclude with a full and half-day session in April. At Council's direction, additional budget workshops may be scheduled, or currently sche...
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