CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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2023 Annual Operating Budget and Capital Improvement Program Workshop #3
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DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Finance Director
BOARD/COMMISSION REVIEW:
The 2023 Annual Operating Budget and Capital Improvement Program was delivered to the Financial Advisory Board (FAB) on October 19 and discussed at its November 14 meeting.
BACKGROUND:
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 Council throughout the year guide the budget development process from a policy and priorities perspective.
Each City department developed its operating budget and CIP recommendations based on historical needs and emerging priorities. Those recommendations went through two rounds of review, the first with the Finance Department and the other a cross-departmental review with the City Manager's Office. These assessments reviewed operational changes, discussed objectives, and analyzed recommendations. All changes made during the review process were integrated into the proposed budget.
The budget is presented to City Council through workshops on October 24, November 9, and November 21. Following the budget workshops, the City Council will hold a public hearing and be asked to approve the annual budget on December 6. The adoption of the annual budget is followed by a public hearing and the adoption of the annual property tax levy on December 20. By adhering to this schedule, and all associated publication of notices, the City complies with Illinois' statutory requirements for adopting the annual budget and property tax levy.
DISCUSSION:
Th...
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