Agenda Text
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Proposing an ordinance relative to a mid-fiscal year report of municipal finances, with next-fiscal year budget projections.
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Official Text
That this Board approve the following Ordinance relative to municipal finance reports and projections:
A. At the second regularly scheduled meeting of the City Council for the month of February, the Director of Finance for the City shall provide the City Council with a mid-year report of the City's performance under the budget for such fiscal year. The report shall include a summary of expenditures as of mid-year for the entire operating budget for the City and the personal services line item and operations and maintenance line item for each department that appears in the budget for such fiscal year. The report shall also include a summary of revenue received by the City as of mid-year by the categories of revenue appearing in the budget book issued for the fiscal year.
B. The Director of Finance shall also provide the City Council with projections for the budget that the Mayor intends to submit for the next fiscal year, including the following items:
1. The anticipated total operating budget,
2. The amount of anticipated revenue sources to fund that operating budget, including projected property taxes, appropriation from free cash and any one-time revenue sources,
3. The amount of certified free cash remaining as of mid-year,
4. The anticipated amount of principal and interest payments on debt to be included in the operating budget for the next fiscal year,
5. The anticipated new growth for the City,
6. A summary of existing debt, including the debt anticipated to be converted from short-term notes to long-term debt in the next fiscal year,
7. New positions that are anticipated to be added to the budget for the next fiscal year, and
8. Any additional financial concerns or issues that the Director of Finance believes may impact the operating budget for the next fiscal year.
C. After discussing the information provided to the City Council by the Director of Finance in response to the items set forth in Section B above, the City Council by majority vote may submit to the Director of Finance, the Board's recommendations as to the increase in the operating budget for the City from the current fiscal year to the next fiscal year, the increase in property taxes to fund the operating budget from the current fiscal year to the next fiscal year, and new positions proposed for the next fiscal year.