Agenda Item Wording:
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Receive and discuss the proposed 2022/23 and 2023/24 budget.
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Deadline for Action: 6/30/2022
Submitting Department: Finance and Technology Services
Contact Name and Phone Number: Renee Nagel 713-4375, Amee Swearingen 713-4170
Department Recommendation:
No action is required tonight. This report will present an overview of the proposed fiscal year 2022/23 and 2023/24 budget and provide a Mid-Year budget update for FY 2021/22.
Background Discussion:
Every two years the City of Visalia adopts a biannual budget. The Budget lays out a strategic resource allocation plan that aligns with community goals, preferences, and needs. The Budget is a policy document, financial plan, operations guide, and communication device all in one.
The Budget also:
* Determines the quality and quantity of City programs and services.
* States expenditure planned and the resources needed.
* Sets targets and provides a means of measuring accomplishments against goals and actual versus planned outcomes.
* Serves as a communication device-for elected officials, the public, and the City organization-that promotes the City's vision and direction, fiscal health and vitality, and how the public will benefit from the expenditure of tax dollars.
The budget is a dynamic document that demonstrates to the public our commitment to service, accountability to the residents, and our focus on meaningful work and significant projects. The budget document is comprised of a 2-year operating plan (annual budget), a 6-year capital improvement program (capital budget), and appropriations for debt service and other uses. The development of the operating and capital budgets, however, takes place on two separate timelines (see Table 1 - Budget Process Calendar).
The Capital Improvement Program (CIP) is a multi-year planning instrument that drives the identification, evaluation, and financing of capital infrastruc...
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