Fort Walton Beach Council agenda — 09-06-06 ‎(special-budget)‎ — reading text

MEETINGS and capital budgets. City Council' s decisions on the Wg~~; H~ PS policy issues presented provide the framework under which the upcoming YE! ar' S budget is prepared and assists staff in developing a budget that meets City COUNCIL MANAGER REVIEW .. REVIEW Council's programmatic objectives within available fiscal JullAup May/Jun resources. The workshop is open to the public and the public is encouraged to attend and participate. Department Directors, witln the assistance of their division managers, are responsible for identifying their staffing needs, operational funding needs within budget development parameters, five- year capital conduct a requests, as well as corresponding revenue sources to fund their needs. In addition, they must and performance measures. comprehensive review of departmental objectives, accomplishments, The City Manager must present a balanced budget to the City Council in accordance with the City Charter. In order to accomplish this goal, a Budget Committee is formed comprised of the City Manager, Finance Director. and Financial Analyst. The Committee conducts comprehensive meetings with effort is Department Directors and division managers to review their budget requests and a collaborative undertaken to achieve departmental goals within fiscal constraints. The Committee enlists the assistance of specific Department Directors for areas of specialized interests, such as the Information Technology Director for computer issues and the Human Resources Director for personnel and risk management issues. Department and division objectives, accomplishments, and performance measures are also evaluated during budget development to determine the effectiveness of program activities and levels of appropriate funding. At the completion of Departmental meetings, the City Manager and Finance Director again meet to review the finalized budget requests and compare those requests against the Vision and Strategic Plans and fiscal limitations. Given re,venue projections, economic conditions, and funding requirements, requests are ranked and the funding level is weighed against available resources depending upon program priorities and issues previously identified in the budget process. Once a balanced budget is achieved, it is presented to City Council for review. Revenue & Expenditure Assumptions Generally speaking, revenue assumptions are developed using a five- year historical summary, coupled with the current year-to- date amount annualized for the full year. Historical trends in revenues are analyzed and any major E~ conomic or legislative changes are also considered to achieve the most accurate revenue estimate possible. Revenue projections occur concurrently with departmental budget development and continue until the budget is adopted to ensure the amounts are based on the most current and all available information. City of Fort Walton Beach, FL 22 Budget:Overview Expenditure assumptions, like revenue assumptions, are developed using a five- year historical summary, coupled with current year-to- date amounts annualized for the full year. Current trends in expenditures are analyzed and new programs and projects are also considered to determine budget year estimates. Community Participation The City solicits input from its residents in the budget process. The City' s newsletter, Beach Bits, publishes notices regarding the budget process. The Great Neighborhood Partnership Program also directly solicits input from the City' s residents about the priorities and goals for their neighborhoods and the City and translates these needs into capital programs or services. Notices are likewise published on the City' s website inviting public input. Additionally, there are two public hearings before final adoption of the budget. City Council Budget Review The Mayor and City Council are responsible for reviewing the proposed budget to ensure it meets the goals and objectives of the City, conducting workshops on the budget to enlist public comment, and conducting public hearings prior to the final adoption of the budget. In August, budget workshops are held with the BUDGET SCHEDULE City Council to review and discuss the proposed budget. The City Manager reviews January 2006 Strategic Planning Session FY 2006- 07 Budget Kick- Off major issues and Department Directors are present for the discussions and study of the February 2006 CIP requests due from departments and reviewed by PW, Utilities, and CDS proposed budget. The workshops are open to the public and the public is encouraged to March 2006 All information entered in GMBA attend and participate. April - May 2006 Budget Meetings with Department Directors Revenues . Fee Schedule The City Charter requires that the budget be Personnel . Operating Expenses adopted by Ordinance and requires two Computers . EquipmenWehicles public hearings prior to adoption. During Capital Improvement Projects Current Year Accomplishments September, two public hearings on the Budget Year Goals & Objectives budget and millage ( Le. property tax) rate are Performance Measures held before final budget consideration. June 29, 2006 City Council Meeting - Set Tentative Millage These meetings are advertised as part of the Rate for Ad Valorem Taxes agenda and Florida Law requires certain July 24, 2006 Distribute Budget to Council newspaper advertisements prior to the second and final August 14 - 18, 2006 Special City Council Meetings - Budget budget hearing. At the Workshops ( as needed) public hearings, the public may make formal Late August Amend FY 2005- 06 Budget comment either for or against the proposed budget and ask questions of City Council September 6, 2006 City Council Meeting _ 1st Reading of about the budget. Budget Ordinance and Set Proposed Millage by Motion Budget adoption occurs in September after September 20, 2006 City Council Meeting - 2nd Reading and City Council deliberations and two public Adoption of Budget Ordinance and Set Final Ad Valorem Millage by Motion hearings. City Council may take action to modify the proposed budget at its discretion. As a separate action, City Council also adopts a millage rate to support adopted funding levels. An adopted budget is published no later than October 1. Budget Basis Annual appropriated budgets are adopted by ordinance for all governmental and proprietary funds. However, the City is not legally required to report budgets for proprietary or fiduciary funds and those budgets are not included in the City' s audited financial statements. Budgets for the General Fund, Special Revenue Funds, Debt Service Fund, Capital Projects Fund, and Enterprise Funds are adopted on a basis consistent with generally accepted accounting principles GAAP) and generally follow the basis of accounting with few exceptions. During the year, the City' s accounting system is maintained on the same basis as the adopted budget, which enables department budgets to be easily monitored through the accounting system. The major difference between this budget and GAAP for governmental funds is that certain revenues and expenditures ( e. g. compensated City of Fort Walton Beach, FL 23