08 - Laserfiche WebLink

BACKGROUND The City's budget serves as a strategic financial plan for operating and capital resource allocations. City funds are used to provide a wide variety of services and programs to residents and businesses. These services include Public Safety (Police, Fire, and Emergency Services), Operations Services, Water, Sewer, City Planning, Building and Safety, Code Enforcement, Housing, Economic Development, Parks and Recreation, Library, and Transit. Funds are also used to develop and maintain city infrastructure. In designing the budget process, the City follows the four principles established by the Government Finance Officers Association (GFOA), as presented below. These guiding principles ensure a well-integrated process is in place, that all stakeholders have the opportunity to provide input on the City's budget priorities, and a budget is developed reflecting the needs and values of the community. Four Principles of the Budget Process 1. Establish Broad Goals to Guide Government Decision Making A government should have broad goals that provide overall direction for the government and serve as a basis for decision making. 2. Develop Approaches to Achieve Goals A government should have specific policies, plans, programs, and management strategies to define how it will achieve its long-term goals. 3. Develop a Budget Consistent with Approaches to Achieve Goals A financial plan and budget that moves toward achievement of goals, within the constraints of available resources, should be prepared and adopted. 4. Evaluate Performance and Make Adjustments Program and financial performance should be continually evaluated, and adjustments made, to encourage progress toward achieving goals. DISCUSSION Budget Calendar The budget development process includes several key areas and deliverables as described below. Staff has prepared a budget calendar that specifies the budget preparation timeline and important events such as a City Council priority setting session, a budget workshop, and community meetings. The budget calendar is a tool to keep track of deadlines and to ensure public participation. The calendar attached to this staff report provides key dates and milestones for City Council consideration. The charts below also provide a high-level overview of the City's budget process. Between January and June, staff will develop key budget documents and present them to the City Council for discussion and direction. As part of the budget development, staff is planning to utilize a more robust forecast model for long-range financial planning. The General Fund fiscal model will include a tool to forecast multiple scenarios to help decision-makers see impacts of various trends and assumptions. Page 2 of 4