Finance Committee Agenda and Packet 2021 03 15

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LL �t�'.`'f FINANCE COMMITTEE Loll sville COMMUNICATION COLORADO • SINCE 1878 SUBJECT: BUDGET CALENDAR FOR 2022 BUDGET DEVELOPMENT DATE: MARCH 15, 2021 PRESENTED BY: KEVIN WATSON, FINANCE DIRECTOR SUMMARY: On November 17, 2020, the City Council formally adopted and appropriated the 2021 budget. At the same time, the Council informally approved a biennial budget covering the two-year period 2021 — 2022. Prior to the City Council formally adopting and appropriating the 2022 budget in November 2021, staff will develop a new 2022 budget that will be somewhat different than the one approved during the biennial budget process. This new budget will reflect recent changes to operations and capital projects and will be based on more recent projections of revenue and fund balances. Attached is a preliminary working calendar for the 2022 budget development process. Since staff already has a 2022 budget to start with, this "off-year" budget calendar and process is less comprehensive than last year's biennial budget calendar and process. For example, there will not be a formal Capital Improvement Plan (C-I-P) request process during this off-year. Some of the more notable dates on the calendar that may be of interest to the Committee: • June 15, 2021 — City Council Considers Current Year Budget Amendment for "Carry Forwards", New Items, & Revenue Adjustments. • July 23, 2021 — City Council Budget Retreat: Current Year Revenue Update and Requested Changes to C-I-P and 2022 Operations. • September 7, 2021 — City Manager's Recommended Budget Presented to City Council at a Regular Meeting (Public Hearing set). • October 19, 2021 —City Council Conducts Public Hearing on Revised Recommended Budget. • November 2, 2021 — City Council Presented with Resolutions to Adopt the Budget, Appropriate Funds, and Levy Taxes. This information is presented for Committee review and input but no specific action is requested. FINANCE COMMITTEE COMMUNICATION 22