BUDGET CALENDAR FISCAL YEAR 2025
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Prepara�on Phase (January-February):
Ini�al Guidance: The process typically begins with the issuance of guidance from the city’s leadership outlining budget priori�es, goals, and any specific direc�ves.
Departmental Requests: Each department within the city submits their budget requests, detailing their an�cipated expenditures and jus�fica�ons for funding needs.
Revenue Projec�ons: Finance Director and team work on es�ma�ng revenues for the upcoming fiscal year, considering sources such as taxes, grants, fees, and other revenue streams.
Budget Workshops: Workshops or mee�ngs are held to discuss budget priori�es, review departmental requests, and provide guidance for adjustments.
Review and Revision Phase (March-April):
Budget Analysis: Finance team analyzes departmental requests, revenue projec�ons, and any other financial data to create a dra� budget proposal.
Public Input: Public hearings or forums are held to gather input from community members regarding goals, budget priori�es and concerns.
Budget Adjustments: Based on feedback from stakeholders and available resources, adjustments are made to the dra� budget proposal.
Adop�on Phase (May-June):
Formal Presenta�on: The finalized budget proposal is presented to the City Council for review.
Council Delibera�ons: City Council review of the budget proposals, discuss any proposed amendments, and vote on its adop�on.
Approval and Adop�on: Once approved, the budget is officially adopted through a formal resolu�on.
Implementa�on Phase (July 1-June 30):
Budget Execu�on: Departments begin execu�ng their approved budgets, including hiring staff, procuring supplies, and implemen�ng programs and services.
Monitoring and Oversight: Finance officers and department heads monitor budget performance throughout the fiscal year, tracking expenditures, revenues, and any devia�ons from the approved budget.
Mid-Year Review: A mid-year budget review may be conducted to assess financial performance and make any necessary adjustments or amendments.
Year-End Repor�ng: At the end of the fiscal year, comprehensive financial reports are prepared, documen�ng actual revenues and expenditures compared to the budget.
Throughout the en�re process, communica�on and transparency are key to ensure that stakeholders are informed and engaged, and that the budget reflects the priori�es and needs of the community while maintaining fiscal responsibility.