TO: Honorable Mayor and Council
FROM: Valerie Fenske, Administrative Services Director
SUBJECT:Title
Adopt Resolution No. 14-2830 Adopting the Fiscal Year 2014-15 Tentative Budget
Body
FUNDING SOURCE:
Various Departments
PURPOSE:
Attached for City Council adoption is a Resolution and state budget forms for the Fiscal Year 2014-15 Tentative Budget. Once the Tentative Budget is adopted, the expenditures may not be increased; however, expenditures may be decreased. Also attached is a summary of changes after the May 20, 2014 budget work session showing the final revisions that resulted in the proposed Tentative Budget.
BACKGROUND:
Budget work sessions were held with City Council and staff on May 6 and May 20, 2014 to review adjustments to the Fiscal Year 2014-15 Approved Budget. After revisions from the work sessions, the Tentative Budget was prepared with an estimated expenditure total of $149,165,287 and estimated revenues of $107,039,375, with resources available projected at July 1, 2014 of $128,291,080.
Fiscal Year 2013-14 was the first year the City prepared a biennial budget. During that process, year one (FY 2013-14) was adopted and year two (FY 2014-15) was approved. The work sessions held during the month of May 2014 included discussion of necessary adjustments to the Fiscal Year 2014-15 Approved Budget, resulting in the Fiscal Year 2014-15 Tentative Budget that is before you tonight for adoption.
Upon City Council adoption of the Tentative Budget tonight, the budget forms will be published in the Today's News-Herald on or about June 15 and June 22, 2014. A public hearing and special meeting will be held on June 24, 2014 to adopt the final budget. City Council will set the property tax levies at its meeting on July 8, 2014.
COMMUNITY IMPACT:
The budget is developed as a spending plan for outlining priorities and providing services to the community.
FISCAL IMPACT:
Projected expenditures of $149,165,287
Projected revenues of $107,039,375
ATTACHMENTS:
Resolution No. 14-2830
Exhibit A - Summary of Changes to Revenues and Expenditures after May 20, 2014 Work Session
Exhibit B - General Fund Five-Year Financial Forecast
Exhibit C - State Budget Forms - Fiscal Year 2014-15 Tentative Budget (Schedules A-G)
Exhibit D - Schedule of Authorized Positions
SUGGESTED MOTION:Recommended Action
I move to adopt Resolution No. 14-2830 adopting the Fiscal Year 2014-15 Tentative Budget.