City Budget &
Budget Process
Overview
Erin Roseman
Dire c to r o f Fin a n c e
Fi nance Department
Overview
The City Adopted a Balanced Budget for FY 2022 -23
o The General Purpose Fund (GPF) Budget was $872million and relied on $144million of One -Time Resources largely from ARPA o Preliminary Revenue Estimates for FY 2022- 23 show that GPF Revenues will fall short of budget by about $14million
As a result, the preliminary GPF baseline shows a $188 million deficit in FY 2023- 24 (1st year of biennial budget) and an $181 million deficit in FY 2024 -25 (2nd year of biennial budget). o This gap assumes status quo operations relative to the Midcycle Budget - which calls into question the long -term sustainability and affordability of existing services .
Overview
Financial uncertainty remains in large part due to:
o Risk of a continuing high interest rate environment with corresponding effects on the housing market
o Risk of continuing high inflationary cost pressures on City expenditures
Known Challenges exist due to :
o High service demand, particularly from Homelessness, Housing, Community Safety, and Employment
o Maintenance and replacement needs for City buildings, vehicles, and Information Technology Pressures
o Long Term Financial Obligations
FY 2023-24
Budget – GPF
Revenues
FY 2023-24
Budget – GPF
Expenditures
FY 2023-24 &
FY 2024-25
Budget –
GPF Deficit
369,208,800
Over Two-Years
Department
Proposals
Baseline
Budget
Development
Budget
Priorities
Poll
Budget
Priorities Poll
Results
Council
Priorities
Workshop
Five-Year
Forecast
Released
Council
Priorities
Due
Mayor’s
Proposed
Budget
Community Budget
Forums & Police
Commission Hearing
Council
President’s
Budget
Deadline for
Budget
Adoption
Final Policy
Decisions
from Mayor
The Budget Process
Date(s) Task(s)
Mar 3 CFP in Feb: Council Initial Budget Briefing and Priorities Discussion Briefings on estimated baseline expenditures, revenue projections and an Overview of the City's budgeting process.
Opportunity to begin discussing priorities for the next budget year based on the Assessment of Stakeholder Needs, Concerns and Priorities
Mar 13 CFP in Mar: Five Year Forecast & Second Quarter R&E Report Heard at Finance & Management Committee Mar 15 CFP by Mar 15: Statement of Councilmember Priorities Council Members to advise the Mayor and City Administrator publicly of their priorities. Submit up to seven expenditure priorities in ranked and/or weighted order for changes to the baseline budget Mar 21 CFP before Apr 15: Budget Outlook Message & Calendar Report to the City Council a Budget Outlook Message & Calendar no later than April 15th that provides an overview of the budget development process and lists all key dates and estimated dates of key budget events, including release of the Proposed Budget, Community Budget Forums, Council budget meetings, and formal budget passage dates Apr 28 CFP by May 1: Mayor’s Proposed Budget Published
May 4
to 11
CFP before May 15: Mayor’s Proposed Budget Presented at Special Council Meeting May 14
to 25
CFP in May & Jun: Community Budget Forums starting May 14 May 22 Third Quarter R&E Report Heard at Finance & Management Committee, Budget Errata Published
Jun 1 CFP Jun 1: Budget Advisory Commission's Report
Jun 12 CFP Jun 12: Council President’s and Other Amendments published Jun 15 CFP before Jun 17: Council President’s and Other Amendments presented at Special Meeting
Timeline