Fort Walton Beach Council agenda — 8-11-14--proposed budget — reading text

Provides the framework for Workshop held annually. levels or program objectives developing the current budget. based on City Council goals and available fiscal resources. Capital Short- to -Mid Provides estimated dates and Provides anticipated 5 -year Improvement Range Plan - costs for the acquisition, funding level for facilities and Plan updated annually. construction, replacement, or infrastructure. renovation of facilities and infrastructure. RolesRoles & & ResponsibilitiesResponsibilities TheThe budgetbudget processprocess beginsbegins inin JanuaryJanuary withwith thethe FinanceFinance DirectorDirector andand FinancialFinancial AnalystAnalyst CityCity ofof FunFun WaltonWalton Beach,Beach, FLFL Budget Overview developing five -year financial forecasts for the General and Enterprise Funds, including best, likely, and worst -case scenarios. Revenue assumptions are developed using financial forecasting software to analyze historical trends and account for any anticipated major economic or legislative changes. Revenue projections are continually updated until the budget is adopted to 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 A Budget Meeting is held with City Council in June to Y BEGINS FOQQEcAST DEVELOPED determine Council' s priorities and position issues specific to — Oct Jan development of the operational and capital budgets for the BUDGET BUDGET MEETING ADOPTION upcoming fiscal year. City Council' s decisions provide the framework under which the budget is prepared to meet City Council' s programmatic objectives within available fiscal BUDGET DEPARTMENT MEETINGS resources p roJ ected in the five- year forecasts. The meetin g is WORKSHOPS Aug - BUDGET COMMITTEE open to the public and the public is encouraged. to attend and REVIEW Jun /Jul participate. 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 comprised of the City Manager, Finance Director, and Financial Analyst. The 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 Manager for computer issues and the Human Resources Manager 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 annually from its residents and businesses to gauge citizen satisfaction and progress toward improving services. A 5. 9% response rate ( 474 responses out of 8, 080 surveys) was achieved for the fourth annual City Services Survey. The responses were presented to City Council and have been used to ensure resources are allocated to the most highly valued programs and.activities. The City' s website and utility bills contain notices regarding the budget process and City Council' s budget meetings. C @y of Fort Wahon Beach. FL Budget Overview City Council Budget Review BUDGETSCHEDULE The Mayor City and Council are January 2014 Five -Year Financial Forecasts Developed responsible for reviewing the proposed June 2014 First Department Budget Submission Revenues • Fee Schedule budget to ensure it meets the goals and Personnel • Operating Expenses objectives of the conducting City, Computers_ • Equipment[ Vehicles Capital Improvement Projects meetings on the budget to enlist public June 2014 Departmental Budget Reviews comment, and conducting public hearings June 2014 City Council Budget Meeting prior to the final adoption of the budget. Discussion Budget Issues Set Proposed Millage Rate for TRIM Notice In August, a budget meeting is held with Second Department Budget Submission July 2014 the City Council to review and discuss Current Year Accomplishments the proposed budget. The City Manager Budget Year Goals & Objectives Performance Measures reviews major issues and Department August 11. 2014 City Council Meeting — Review Budget Directors are present for the discussions September 3, 2014 City Council Meeting —Adopt Tentative and study of the proposed budget. The Millage Rate and Budget by Resolution meeting is open to the public and the September 17, 2014 City Council Meeting —Adopt Final Millage public is encouraged to attend and Rate and Budget by Resolution participate. DuringDuring September,September, twotwo publicpublic hearingshearings onon thethe millagemillage ( ( i. e.e. propertyproperty tax)tax) raterate andand budgetbudget areare heldheld perper StateState StatuteStatute beforebefore finalfinal budgetbudget consideration.consideration. TheseThese meetings meetings areare advertisedadvertised asas partpart ofof thethe agendaagenda andand FloridaFlorida LawLaw requiresrequires certaincertain newspapernewspaper advertisements advertisements priorprior toto thethe secondsecond andand finalfinal budgetbudget hearing.hearing. AtAt thethe publicpublic hearings,hearings, thethe publicpublic maymay makemake formalformal commentcomment eithereither forfor oror againstagainst thethe proposedproposed budgetbudget andand askask questionsquestions ofof CityCity CouncilCouncil aboutabout thethe budget.budget. BudgetBudget adoptionadoption occursoccurs inin September September afterafter CityCity CouncilCouncil deliberations deliberations andand twotwo publicpublic hearings.hearings. CityCity CouncilCouncil maymay taketake actionaction toto modifymodify thethe proposedproposed budgetbudget atat itsits discretion.discretion. PriorPrior toto budgetbudget adoption,adoption, CityCity CouncilCouncil mustmust adoptadopt aa millagemillage raterate toto supportsupport budgeted budgeted fundingfunding levels.levels. AnAn