CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Annual Budget Workshop #3: Proposed 2024 Budget Overview
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DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Finance Director
BOARD/COMMISSION REVIEW:
The proposed 2024 Annual Budget will be reviewed with the Financial Advisory Board on Oct. 30, 2023.
BACKGROUND:
Development of the Annual Operating Budget and Capital Improvement Program (CIP) is critical 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. The budget development process begins in August and is guided by the policies and priorities established by the City Council.
Each City department develops its operating budget and CIP recommendations based on historical needs and emerging priorities. Those recommendations go through two rounds of review, the first with the Finance Department and the other with the City Manager's Office. These assessments review operational changes, discuss objectives, and analyze recommendations. In consultation with the Finance Department, the City Manager makes the final recommendation to the City Council through the proposed budget published in mid-October.
The proposed budget is presented to the City Council and the community through workshops. Budget workshops establish the groundwork for the formal budget adoption process. This year, the public budget process began with two foundational workshops reviewing topics relevant to proposed budget development before its October 13 publication.
Following the remaining budget workshops, the City Council will hold a public hearing and be asked to approve the annual budget in December. A public hearing and the adoption of the annual property tax levy follow the adoption of the annual budget. To comply with state statutes, the budget and tax levy must be adopted before January 1...
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