CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Conduct the public hearing for the 2024 Annual Budget (Item 1 of 2)
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DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Finance Director
BOARD/COMMISSION REVIEW:
The Financial Advisory Board reviewed the proposed 2024 Annual Budget at its October 30, 2023 meeting.
BACKGROUND:
The annual budget is the City's financial and operational plan that serves as a guide for the upcoming year and sets the stage for future investments in programs and services. The budget development process brings together input from elected officials, department directors, staff, and the public to shape the City's goals and objectives for the coming year and beyond.
The City is required to adopt an annual budget before the start of the fiscal year to which the budget applies. The City has adopted the Illinois Municipal Code, 65 ILCS 5/8-2-9.1 through 9.10 (State Budget Law) and incorporated this code into Chapter 9 of Title 1 of the Naperville Municipal Code, which provides the overarching requirements for the City's budget process.
Accordingly, a tentative annual budget for 2024 was published for review by the City Council and the public on October 13, 2023. Per state statute, a public hearing on the tentative 2024 Annual Budget will be held at the November 21, 2023, City Council meeting prior to adoption of the budget ordinance. Once the hearing concludes, the budget may be revised and passed without further public inspection, notice, or hearing.
DISCUSSION:
Budget Process & Initial Recommendation
Development of the Annual Operating Budget and Capital Improvement Program (CIP) is a critical task in establishing the annual financial framework that supports the City's mission to provide services that ensure a high quality of life and maintain a dynamic business environment while creating an inclusive community that values diversity. While formal budget preparation begins in August, regular discussions with the City Counci...
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