City Council Agenda and Packet 2022 07 21 SP

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LL Cityof CITY COUNCIL COMMUNICATION Louisville AGENDA ITEM 2A COLORADO • SINCE 1878 SUBJECT: 2023-2024 BIENNIAL BUDGET DEVELOPMENT PROCESS AND FINANCIAL POLICIES DATE: JULY 21, 2022 PRESENTED BY: MEGAN DAVIS, ACTING CITY MANAGER KEVIN WATSON, FINANCE DIRECTOR BUDGET DEVELOPMENT PROCESS The purpose of this agenda item is to briefly review the 2023-2024 biennial budget development process. This process is very similar to those we have used in the past. Attached is a current version of the detailed budget calendar, which was first presented to the Finance Committee in January 2022. There have been some process changes since then and staff has not always been able to meet all the prescribed dates. However, this document provides an example of the detailed planning that goes into the budget process and the interrelationship between the carryforward budget amendment, the 2023- 2028 Capital Improvements Plan, and 2023-2024 Biennial Operating & Capital Budget. To smooth out the budget workload for staff, the capital budget request process is designed as a completely separate process from the operational budget request process. The capital budget request process occurs first, followed by the operational budget request process. The following is a high-level summary of the current budget development process. January - March Departments meet with their advisory boards and other stakeholders and develop requested capital projects for 2023 through 2028. March - April Departments prepare requests for carry -forward budget amendment, including requests for new projects/funding and justification narratives. May City Manager reviews all requests for capital projects and develops a preliminary Six -Year Capital Improvements Plan. May - June Departments prepare six -year revenue estimates, requests for new positions/FTEs, and requests for operating budgets CITY COUNCIL COMMUNICATION 2