DEPARTMENT: Office of Management and Budget
DEPARTMENT HEAD: Justina Tate
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT:
FY 2019 Budget and Financial Status Report, & Recommended FY 2020 Budget Calendar
SUMMARY:
City Council will be provided with an informational briefing on the City’s FY 2019 Budget status through the second quarter (October through March) of the fiscal year and will be provided with projections on revenues and expenditures for the remaining six months of the fiscal year (April through September), an update on the implementation status of FY 2019 Budget Initiatives, first quarter 24/7 Performance Measures results, and the recommended FY 2020 Budget Calendar.
BACKGROUND INFORMATION:
City County adopted a balanced budget on September 13, 2018, for the City’s fiscal year that began October 1, 2018.
As part of the City’s financial management practices, City staff meets with the City Manager on a monthly basis to review the financial status of the City. Additionally each quarter the Council is provided an update of the City’s finances. During the February 20th, B Session the Council will be provided the FY 2019 Three Plus Nine Budget and Financial Status Report which will focus on the financial performance through 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 presentation also will include a briefing on the FY 2020 Budget Calendar. The recommended FY 2020 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 20th 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 2019 Budget. One objective of the FY 2019 Budget and Financial Status Report is to provide the City Council with early financial update 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 2019 Budget initiatives, and results of the 24/7 Performance Measures.
In addition to the presentation of the quarterly report, staff will review the recommended FY 2020 Budget Calendar in detail with the Mayor and City Council during the February 20th City Council “B” Session. The FY 2020 Budget Calendar will be used for planning and development of the Annual Operating and Capital Budget. After receiving additional input from the Mayor and City Council during this briefing, the final FY 2020 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 2019 Budget and Financial Status Report and recommended FY 2020 Budget Calendar is for information purposes only and has no direct fiscal impact to the City’s budget.
RECOMMENDATION:
The presentation on the FY 2019 First Quarter Budget and Financial Status Report is for briefing purposes.
Staff recommends implementation of the recommended Budget Development Calendar for the FY 2020 Budget and invites further comment or input from the Mayor and Council before it is finalized.