2005 Performance Based Budget - Laserfiche WebLink

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prepared and approved at separate times of the year. The following calendar provides a general overview of the entire budgeting process. {Note: The City's fzscal year is January 1 through December 31.) May 2004 -Preliminary meetings are scheduled with management and fiscal staff to organize and plan the coming year's preparation. During this time, the Mayor outlines his overall goals anal guidelines for the fallowing year's operating budget. June and July 2004 - A needs assessment review is completed and the preliminary budget for each department/program is prepared. Overall reviews of revenue and expense projections, program costs, performance indicators and goals and objectives are all components of this segment. Early August 2004 -Departmental review of individual operating budgets; update projections and requests where necessary. Late August 2004 -Review of entire City 2005 Operating Budget, division by division by the City Controller. Focus on budget targets based on multi-year prof ections. Revisions and changes are made where necessary. --- Late August /early September begins the Council and Public portion of this process. August through September 2004 -Council review of budgets -informal hearings over athree- week period where the public and media are invited to attend. Over the past several years no fewer than 20 hours per year of detailed review and analysis have occurred. August 2004 -Official filing of the 2005 Operating Budget with the City Clerk's Office for placement on the Council agenda. Late August 2004 -First reading of the 2005 Operating Budget at Common Council Meeting. Early September 2004 -Second reading of the 2005 Operating Budget and formal public hearing at the Common Council meeting. Members of the public may speak at this meeting. Late September 2004 -Third reading and adoption at the Common Council meeting. Comments on the 2005 Operating Budget are limited to the Council Members at this session. State statutes require that the Cornrnon Council pass a budget no later than September 30 for the following year's operating budget. Mid October 2004 - On-sight review of 2005 Operating Budget by the Department of Local Government Finance. This review date is set by the state agency. The actual review process spans several months. Early January 2045 - Determination of year-end cash balances and preparation of the 2005 Capital Budget. Mid January 2005 -Official filing of the 2005 Capital Budget with the City Clerk's Office for placement on the Council agenda. xii