CC MEETING: March 4, 2025
DATE: February 24, 2025
TO: Erin Rinehart, City Manager
FROM: Diana Vaughn, Chief Financial Officer
Melissa Everett, Finance Director
Chrystal Davis, Assistant City Manager
Title
Discuss Multi-Year Budget And Financial Forecast.
Body
BACKGROUND:
Each Spring, staff presents a multi-year forecast to City Council to receive preliminary guidance regarding the preparation of the annual budget. The formal budget process for City Council will begin in late-July with the distribution of the preliminary budget on or before July 31 and end with the adoption of the operating and capital budgets in the late summer.
The Multi-Year Budget and Financial Forecast spans five years and is prepared using certain assumptions related to revenue and expenditure growth, including the projected effects of planned program additions. The General Fund and Utility Operating Fund are included in the multi-year forecast. Staff is seeking City Council direction regarding the assumptions used and other items to consider in preparation of the upcoming FY 2026 annual operating and capital budget.
STAFF RECOMMENDATION/ACTION DESIRED:
Receive City Council direction on the following items related to the multi-year budget, operating budgets, and strategic business planning:
• Appropriateness of assumptions.
• The need for any additional budget briefings prior to the submission of the preliminary budget.
• Areas the City Council may want to consider reducing or increasing service levels.
• Other priorities or concerns of City Council not previously discussed.