City of Fort Bragg
Mid-Year Budget FY 2023/24
The FISCAL YEAR 2025 BUDGET PREPARATION
A. BUDGET PREPARATION SCHEDULE
Initial activities related to preparing the Fiscal Year 2024/25 budget are underway. The direction provided today by the Council will be incorporated into the budget draft. Staff will present a draft budget to the Council and the public at a budget workshop in May. 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 in June.
The complete budget calendar is provided below:
B. PRIORITIZED LIST OF FINANCIAL GOALS
Staff used the prioritized list as guidance in preparing the FY2024 budget and will again use the list in preparing the FY 2024/25 budget unless the Council directs otherwise:
1) Adopt a balanced budget (ongoing expenditures should be supported by ongoing revenues.
Accordingly, one-time revenues/grants should not be used for ongoing expenditures continuously) 2) Provide additional contributions to the Section 115 Trust to help pay the unfunded liability 3) Maintain operating reserve (20% of operating Exp) and litigation reserve ($200k) 4) Provide additional funding for emergency reserves (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 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) 2/25/2024 MID-YEAR PERFORMANCE BUDGET REVIEW WITH COUNCIL ( 2PM-5pm)(COMMUNITY INPUT) 3/20/2024 FINANCE PROVIDES INITIAL REVENUE FORECASTS TO CM (ALL REVENUE SOURCES, AND FUNDS) 3/31/2024 DEPTS SUBMIT PROPOSED DEPARTMENTAL EXPENSE BUDGETS AND NARRATIVES TO FINANCE 4/12/2024 PW & CDD SUBMIT COMPLETED BUDGET SECTIONS FOR GRANTS AND CAPITAL PROJECTS 4/12/2024 HR PROVIDES PAYROLL PROJECTIONS INCLUDING BENEFITS 4/19/2024 CM & FINANCE MEET WITH All DEPTS; REVIEW APPROPRIATIONS REQUESTS 4/15/2024 thru 4/19/2024 CM & FINANCE FOLLOW UP MEETING CIP 4/21/2023
FINANCE POSTS REVISED BUDGET WORKSHEETS IN BUDGET FOLDER; 4/22/2024 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; 4/26/2024 INTERNAL REVIEW/QUALITY CONTROL (FINANCE, CM, DEPTS) - DRAFT BUDGET DOCUMENT 4/15/2024 thru 5/10/2024 FINALIZE DRAFT BUDGET DOCUMENT 5/17/2024
CM COMPLETES BUDGET TRANSMITTAL LETTER 5/17/2024
FINANCE DISTRIBUTES PROPOSED FY 2023/24 Draft BUDGET 5/22/2024 CITY COUNCIL CONDUCTS FY 2024/25 BUDGET HEARING WORKSHOP (COMMUNITY INPUT) 5/29/2024 FINANCE DISTRIBUTES FY 2024/25 BUDGET INCLUDING COUCIL AND PUBLIC UPDATES (FOR COUNCIL ADOPTION) 6/6/2024 CITY COUNCIL ADOPTS FY 2024/25 BUDGET 6/10/2024
SCHEDULE FOR DEVELOPMENT OF FY 2024/25 BUDGET