RES 03081 - Laserfiche WebLink

Since 1997 the City has annually prepared an award-winning Comprehensive Annual Financial Report (CAFR). The CAFR enhances the City's audited general purpose financial statements by providing more useful information about the efforts, achievements and economic condition of the City in a more easily understood format. Appendix B contains additional information about the changes occurring in financial reporting that further support the City's long-term financial policies, and how these changes might impact the City's budgetary presentation in the future. B. BUDGET PLAN PROCESS AND DOCUMENTS Budget preparation began this year with the midyear review of the current year's operating budget. The departments were then asked to complete program budget requests for the coming two years, keeping in mind the priorities developed by the City Council, which are outlined in Appendix A. Revenue projections were prepared by the Finance Director (as outlined in Appendix D). The City Manager and Finance Director then reviewed the budget requests, and the budget was assembled as recommended by the City Manager. The Budget document provides financial summary and trend information, as well as department summaries of prior year accomplishments, and goals/objectives for the two budget years. In addition, the document contains organization charts, personnel staffing summaries, performance objectives, and program revenue detail. Appendices to the document provide historical trend information, financial comparisons to other Alameda County cities, City financial policies, glossary of terms, City debt summary, financial status report on the City's loan programs for affordable housing and downtown economic development, information on the City's system of accounts, and a discussion of the basis for revenue projections. Throughout the budget document, the City Departments have included Council's priority projects in their goals and objectives for the upcoming two years, and have included the resources needed to accomplish them in their budget requests. The line-item budget requests prepared by the departments have been bound together in a second document, the Budget Workbook. This Workbook is intended to provide the program and line-item detail used by the Council and public for initial review of the budget. In addition, the workbook contains financial operating policies and procedures, which makes the workbook more useful by the departments throughout the two budget years. Staff is once again recommending that the Council adopt a two-year operating budget, with quarterly updates and a mid-term review. Therefore, the following message summarizes the City's current financial position and proposes suggested services for the upcoming two years. The Budget preparation process and the budget calendar are described in more detail in Appendix B. ii