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 "st...
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