CITY COUNCIL STAFF REPORT
March 19, 2024 {{section.number}}d
RECEIVE THE BUDGET CALENDAR AND PRINCIPLES AND STRATEGIES FOR PREPARATION AND IMPLEMENTATION OF THE FISCAL YEAR 2024-25 BUDGET RECOMMENDATION:
Receive the Budget Calendar and report on the recommended Principles and Strategies for preparing and implementing the Fiscal Year 2024-25 Budget and provide further direction as needed.
BACKGROUND:
The preparation of an annual budget is a cornerstone of municipal management. Each spring, the start of the City Council’s annual budget process is marked by the presentation of the budget calendar, which details major milestones and dates in development of the budget, and the Principles and Strategies for Budget Preparation and Implementation, which sets policy goals.
ANALYSIS:
FY 2024-25 Budget Calendar
The FY 2024-25 Budget Calendar provides milestone dates and events associated with the Fiscal Year 2024-25 budget process (Attachment 1). The dates presented track with the pace and major events in prior budget cycles.
Following is a list of the major events included in the attached Budget Calendar:
1. Final criteria for Community Grants established by the City Council on February 6, 2024
2. Community Grant applications released to community organizations on February 15, 2024
3. City Council conducts the Fiscal Year 2024-25 Budget Hearing on May 21, 2024
4. Fiscal Year 2024-25 Budget adopted by the City Council on June 4, 2024
5. Community Grants approved by the City Council on June 18, 2024 Principles and Strategies for Budget Preparation and Implementation The approved budget is a policy document expressing the City Council’s goals and priorities for the coming year in the provision of government services. The Budget is a financial plan showing the budgetary fund structure and configuration of how these funds are appropriated. It also serves as a communication device for significant budgetary issues and trends.
The attached Principles and Strategies for Budget Preparation and Implemetation guides the preparation of the FY 2024-25 budget (Attachment 2) and the management of Coronado’s assets and services. The list has been fairly constant over time and the major policies and principles are consistent with prior budget cycles.
Staff seek approval of the Principles and Strategies as presented, or direction on changes.
FISCAL IMPACT:
No fiscal impact. This is an information item.
ALTERNATIVE:
The City Council may provide alternative dates to the proposed budget calendar, and principles and strategies for preparing and implementing FY 2024-25 Budget.
CALIFORNIA ENVIRONMENTAL QUALITY ACT:
Not Applicable.
PUBLIC NOTICE:
No notice required.
ATTACHMENTS:
1. Budget Calendar – Fiscal Year 2024-25
2. Principles and Strategies for Preparation and Implementation of Fiscal Year 2024-25 Budget Submitted By: Administrative Services Department / John Kim