Fort Walton Beach Council agenda — 09-05-12 special budget-first ph — reading text

costs for the acquisition, funding level for facilities and Plan updated annually. construction, replacement, or infrastructure. renovation of facilities and infrastructure. RolesRoles & & Responsibilities Responsibilities TheThe budgetbudget processprocess beginsbegins inin JanuaryJanuary withwith thethe FinanceFinance DirectorDirector andand BudgetBudget & & GrantsGrants ManagerManager developingdeveloping fivefi-ve - yearyear financialfinancial forecastsforecasts forfor thethe GeneralGeneral andand EnterpriseEnterprise Funds,Funds, includingincluding best,best, likely,likely, andand worstworst - - casecase scenarios.scenarios. RevenueRevenue assumptionsassumptions areare developeddeveloped usingusing financialfinancial forecastingforecasting softwaresoftware toto analyzeanalyze historicalhistorical trendstrends andand accountaccount forfor anyany anticipatedanticipated majormajor economic economic oror legislative legislative changes.changes. RevenueRevenue projectionsprojections areare continuallycontinually updatedupdated untiluntil thethe budgetbudget isis adoptedadopted toto CityCity ofof FortFort WaltonWalton Beach,Beach, FLFL 1717 Budget Overview ensure the amounts are based on the most current information available. Expenditure assumptions are similarly developed in the forecast model considering relevant benchmark indices such as the municipal cost index, consumer price index, and producer price index. New programs and projects are also included to determine the future impact of current financial decisions. FISCAL FINANCIAL pO% A Budget Policy Meeting is held with City Council in May to YEARS T Oct, Jan determine Council' s priorities and position on policy issues specific to development of the operational and capital budgets T BUDGET BVION AD for the upcoming fiscal year. City Council' s decisions on the May NG policy issues provide the framework under which the budget is prepared to meet City Council' s programmatic objectives BUDGET DEPARTMENT MEETINGS WORKSHOPS within available fiscal resources projected in the five -year Aug BUDGET E May /Jun O forecasts. The meeting is open to the public and the public is REVIEW Jun /Jul encouraged to attend and participate. A Budget Kick -Off meeting is then held with staff to provide preliminary guidance for budget development. Department Directors are responsible for identifying their staffing needs, operational funding needs within budget development parameters, five -year capital requests, as well as corresponding revenue sources to fund their needs. In addition, they must conduct a comprehensive review of departmental goals, objectives, and metrics. The City Charter charges the City Manager with the duty of presenting a balanced budget to City Council. The budget is considered balanced if the total of all available financial resources ( either on hand at the beginning of the year or generated during the year) equals or exceeds the total of all financial requirements. In order to accomplish this goal, a Budget Committee is formed Grants Manager. The comprised of the City Manager, Finance Director, and Budget & Committee conducts comprehensive meetings with Department Directors to review their budget requests and a collaborative effort is undertaken to achieve City Council and department goals within fiscal constraints. The Budget Committee enlists assistance for areas of specialized interests, such as the Information Technology Director for computer issues and the Administrative Services Director for personnel and risk management issues. Department goals, objectives, and metrics are also evaluated during budget development to determine the effectiveness of program activities and appropriate funding levels. After the departmental meetings, the Budget Committee finalizes the proposed budget given revenue projections, economic conditions, funding requirements, and City Council program priorities and issues previously identified in the budget process. Once a balanced budget is achieved, it is presented to City Council for consideration. Community Participation The City solicits input from its residents in the budget process. A 7. 5% response rate ( 655 responses out of 8797 surveys) was achieved for the second annual City Services Survey included in the February 2012 monthly water bill. The responses were presented to City Council at the May Budget Policy Meeting and have been used to ensure resources are allocated to the most highly valued programs and activities. Staff intends to continue to use this type of survey to obtain citizen feedback on an annual basis to gauge citizen satisfaction and progress toward improving services. The City' s website and utility bills contain notices regarding the budget process and City Council' s budget meetings. Additionally, there are two public hearings before final adoption of the budget. City of Fort Walton Beach, Fl. Packet Pg. 34 18 Budget Overview City Council Budget Review The Mayor City Council are and BUDGETSCHEDULE responsible for reviewing the proposed January 2012 Five -Year Financial Forecasts Developed budget to ensure it meets the goals and May 2012 Budget Policy Meeting objectives of the City, conducting June 2012 First Department Budget Submission Revenues • Fee Schedule meetings on the budget to enlist public Personnel • Operating Expenses comment, and conducting public Computers • Equipment/ Vehicles Capital Improvement Projects hearings prior to the final adoption of the June 2012 Departmental Budget Reviews budget. June 26, 2012 City Council Meeting —Set Proposed Millage In August, a budget meeting is held with Rate for TRIM Notice the City Council to review and discuss July 2012 Second Department Budget Submission Current Year Accomplishments the proposed budget. The City Manager Budget Year Goals & Objectives reviews major issues and Department Performance Measures Directors are present for the discussions August 13, 2012 City Council Meeting —Review Budget and study of the proposed budget. The September 5, 2012 City Council Meeting —Adopt Tentative Millage Rate and Budget by Resolution meeting is open to the public and the public is encouraged to attend and September 19, 2012 City Council Meeting —Adopt Final Millage Rate and Budget by Resolution participate. DuringDuring September,September, twotwo publicpublic hearingshearings onon thethe millagemillage ( ( i.i. e.e. propertyproperty tax)tax) raterate andand budgetbudget areare heldheld perper StateState StatuteStatute beforebefore finalfinal budgetbudget consideration.consideration. TheseThese meetingsmeetings areare advertised advertised asas partpart ofof thethe agendaagenda andand FloridaFlorida LawLaw requires requires certaincertain newspapernewspaper advertisementsadvertisements priorprior toto thethe secondsecond andand finalfinal budgetbudget