Agenda Item Wording:
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Review the biannual budget process for FY 24/25 & 25/26 and establish the biannual budgetary strategic goals.
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Deadline for Action: 10/31/2023
Submitting Department: Finance and Technology Services
Contact Name and Phone Number: Renee Nagel, 713-4375 Amee Swearingen, 713-4170
Department Recommendation:
Review the biannual budget process for FY 24/25 & 25/26 and establish the biannual budgetary strategic goals which will be used to shape the budget.
Background Discussion:
Every two years City of Visalia adopts a biannual budget. This budget also acts as a financial plan for the City. There are many benefits to using a two-year budget. Such as, reinforcing the importance of long-range planning, concentrates on budgeting for the accomplishments of significant objectives, creates a proactive budget that provides for stable operations, promotes more spending patterns, and reduces the amount of time and resources in preparing the budget document. The budget must be adopted by Council before the new fiscal year starts on July 1 to have the authority to spend throughout the year. The adoption process requires two public hearings and a resolution from Council. For the past 30 plus years, the City has received the Distinguished Budget Award through the Government Finance Officers Association (GFOA). The award has mandatory guidelines that the City has to meet in order to receive it. Receiving the GFOA award documents that the City follows the best budget and financial management practices which is important to bank institutions, bond ratings, etc.
Recently the GFOA has moved towards having the budget document become more focused around the City's strategic goals and having more citizen input in shaping the budget. This was effective for FY 21/22. To meet these requirements, the budget timelines are advanced and shortened to allow for more citizens input and more detailed budget...
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