City of Fort Bragg
Mid-Term Budget FY 2022/23
The FISCAL YEAR 2023/24 BUDGET PREPARATION
A. BUDGET PREPARATION SCHEDULE
Initial activities related to preparing the Fiscal Year 2023/24 budget are underway. The direction provided today by Council will be incorporated into the budget draft. Staff will present a draft budget to the Council and the public at a budget workshop on May 18. The further direction provided at the workshop will be incorporated into a "Final" budget that will be presented to the Council for consideration of adoption on June
14. The complete budget calendar is provided below:
B. PRIORITIZED LIST OF FINANCIAL GOALS
Staff used the prioritized list as guidance in preparing the FY 2022/23 budget and will again use the list in preparing the FY 2023/24 budget unless Council directs otherwise:
1) Adopt a balanced budget
2) Provide additional contributions to the Section 115 Trust to help pay the unfunded liability 3) Maintain operating reserve (15-20% of operating Exp) and litigation reserve ($200k) 4) Provide additional funding for emergency reserves (Increase Recession Reserves from 5% to 10% of Operating Expenditures)
5) Maintain current level of service (no staff layoffs, no program cuts) 6) Provide cost of living adjustments for Staff in years to come 7) Change Policy – 50% of Surplus to be deposited to Section 115 Trust instead of additional payments to CALPERS.
C. CITY COUNCIL DISCUSSION
ACTIVITY DEADLINE
FINANCE PROVIDES BUDGET SPREADSHEETS TO DEPARTMENTS AS WELL AS INSTRUCTIONS RE: NARRATIVES & CAPITAL PROJECTS (INCLUDING INTERNAL SERVICE FUNDS, GRANTS, DDAs) 2/25/2023 MID-YEAR PERFORMANCE BUDGET REVIEW WITH COUNCIL ( 1.30PM-5.30pm)(COMMUNITY INPUT) 3/22/2023 FINANCE PROVIDES INITIAL REVENUE FORECASTS TO CM (ALL REVENUE SOURCES, AND FUNDS) 3/31/2023 DEPTS SUBMIT PROPOSED DEPARTMENTAL EXPENSE BUDGETS AND NARRATIVES TO FINANCE 4/7/2023 PW & CDD SUBMIT COMPLETED BUDGET SECTIONS FOR GRANTS AND CAPITAL PROJECTS 3/23/2023 HR PROVIDES PAYROLL PROJECTIONS INCLUDING BENEFITS 4/15/2023 CM & FINANCE MEET WITH All DEPTS; REVIEW APPROPRIATIONS REQUESTS 4/17/2023 thru 4/21/2023 CM & FINANCE FOLLOW UP MEETING CIP 4/21/2023
FINANCE POSTS REVISED BUDGET WORKSHEETS IN BUDGET FOLDER; 4/22/2023 DEPARTMENTS REVIEW REVISED EXP WORKSHEETS; REPORT ANY DISCREPANCIES TO FINANCE THIS INCLUDES PROJECTED YEAR END FOR FY23, GRANTS; CAPITAL PROJECTS, ETC 4/22/2023 FINANCE REVIEWS TOTAL REVENUES vs EXPENDITURES WITH CM - ADJUST AS NECESSARY; draft CV Starr Budget due 4/31/2023 INTERNAL REVIEW/QUALITY CONTROL (FINANCE, CM, DEPTS) - DRAFT BUDGET DOCUMENT 4/15/2023 thru 5/10/2023 FINALIZE DRAFT BUDGET DOCUMENT 5/10/2023
CM COMPLETES BUDGET TRANSMITTAL LETTER 5/4/2023
FINANCE DISTRIBUTES PROPOSED FY 2023/24 Draft BUDGET 5/19/2023 CITY COUNCIL CONDUCTS FY 2023/24 BUDGET WORKSHOP ( 9 am - 2:30pm)(COMMUNITY INPUT) 5/24/2023 FINANCE DISTRIBUTES FY 2023/24 BUDGET INCLUDING COUCIL AND PUBLIC UPDATES (FOR COUNCIL ADOPTION) 6/9/2023 CITY COUNCIL ADOPTS FY 2023/24 BUDGET 6/12/2023
SCHEDULE FOR DEVELOPMENT OF FY 2023/24 BUDGET