FY 15 Budget Process Update

April 24, 2014

OutlineBudget Calendar

Budget Policies

FY 15 Budget Issues

Budget Calendar

April 24 – Council Budget Process

Presentation

June/July - Staff prepare budget

August 14 - Present proposed budget

August 18-20 – Budget Workshops

August 28 – Budget Public Hearing

Budget Calendar

September 4th – Tax Rate Public Hearing

September 11th – Tax Rate Public Hearing

September 25th – Budget and Tax Rate

Adoption

October 1 – New Fiscal Year begins

Budget must be adopted by Sept 27.

Budget PoliciesProvide parameters for budget preparation

– Revenue Policies

– Capital Maintenance and Replacement Policies

– Fund Balance Policies

FY 15 Budget Issues

Economic Growth - Revenue Impacts

– Solid growth in sales tax

– Property value growth

New construction

Existing values

FY 15 Budget IssuesEconomic Growth - Expenditure Impacts

Increased demands for service– Public Safety– Infrastructure

Streets & Transportation, Facilities

Utilities

– Code Enforcement– Other areas

FY 15 Budget Issues

Consider additional staffing, equipment, and facility requirements

Compensation and benefits

Develop 3 year service priority plans

Next Steps

Monitor economic conditions

Monitor revenues

Identify service priorities for next 3 years

Prepare 5 year Financial Forecast

Prepare Proposed Budget

Council Direction