DEPARTMENT: Office of Management and Budget
DEPARTMENT HEAD: Chad Tustison
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT: FY 2016 Budget and Financial Status Report & Recommended FY 2017 Budget Calendar
SUMMARY:
During the Wednesday, February 17, 2016 City Council “B” Session, City Council will be provided with an informational briefing on the City’s Fiscal Year (FY) 2016 Budget and Finance status for the first quarter (October through December) of the fiscal year, an update on the implementation status of FY 2016 Budget Initiatives and first quarter 24/7 Performance Measures results. The budget and finance report will include updated estimates on revenues and expenditures for the remaining three quarters of the fiscal year (January through September). The “3 Plus 9” Budget & Finance report will focus on the City’s General Fund and highlight several restricted funds within the Operating Budget. During this meeting, the recommended FY 2017 Budget Calendar will be reviewed with City Council.
BACKGROUND INFORMATION:
On September 10, 2015, the City Council approved the FY 2016 Operating and Capital Budget. In October 2015, the City Council amended the FY 2016 General Fund Budget. This amendment provided funding for several initiatives within the General Fund. In an effort to keep City Council updated and informed on the City’s FY 2016 Budget, a Budget and Financial Status Report will be presented to Council that focuses on the financial and operational performance for the first quarter (October through December) of the fiscal year and will provide updated estimates on revenues and expenditures for the remaining three quarters of the fiscal year (January through September). This financial management practice is one of several the City has in place. The City’s financial management practices and policies include comprehensive long-term financial planning, financial reporting and monitoring, a two-year balanced budget approach guided by “structural balance”, the mid-year budget adjustment, and contingency planning.
This presentation also will include a briefing on the FY 2017 Budget Calendar. The recommended FY 2017 Budget Calendar has been developed with the City Manager’s guidance and direction and in accordance with the provisions of the City Charter, the Local Government Code, and the Property Tax Code.
ISSUE:
During the February 17th City Council “B” Session, staff will review with City Council a financial, budgetary, and performance measure status report on the first quarter of the City’s FY 2016 Budget. One objective of the FY 2016 Budget and Financial Status Report is to provide the City Council with early financial updates and to identify any significant issues that may need to be addressed early on in the fiscal year. Specifically, the report will focus on the City’s current and projected financial position, highlight the status of FY 2016 Budget initiatives, and results of the 24/7 Performance Measures. The presentation will focus primarily on the City’s General Fund, Solid Waste Management Fund, Development Services Fund, and Hotel Occupancy Tax Fund.
In addition to the presentation of the quarterly report, staff will review the recommended FY 2017 Budget Calendar in detail with the Mayor and City Council during the February 17th City Council “B” Session. The FY 2017 Budget Calendar will be used for planning and development of the FY 2017 Annual Operating and Capital Budget. After receiving additional input from the Mayor and City Council during this briefing, the final FY 2017 Budget Calendar will be made available on City’s webpage and government access channel (TVSA Channel 21).
ALTERNATIVES:
This item is for briefing purposes only.
FISCAL IMPACT:
The City Council “B” Session briefing and presentation on the FY 2016 Budget and Financial Status Report and recommended FY 2017 Budget Calendar is for information purposes only and has no direct fiscal impact to the City’s budget.
RECOMMENDATION:
During the FY 2016 First Quarter Budget and Financial Status Report, staff will provide City financial conditions (actuals and projections) for FY 2016 and discuss next steps in our budget and financial planning.
Additionally, staff recommends implementation of the recommended Budget Development Calendar for the FY 2017 Budget and invites further comment or input from the Mayor and Council.