City Council Agenda and Packet 2024 07 24 - SP

Home Browse Search

112 City,/ Om Louisville COLORADO • SINCE 1878 CITY COUNCIL COMMUNICATION AGENDA ITEM 2 SUBJECT: BUDGET RETREAT: DISCUSSION/DIRECTION/ACTION 2025-2026 BIENNIAL BUDGET DATE: JULY 24, 2024 PRESENTED BY: SAMMA FOX, INTERIM CITY MANAGER RYDER BAILEY, CPA, FINANCE DIRECTOR MAHYAR MANSURABADI, FINANCIAL ANALYST BUDGET DEVELOPMENT PROCESS The formulation of the City's Biennial Budget is one of the most important financial activities that the City of Louisville undertakes each year. The budget process provides a comprehensive plan to deliver efficient services to residents and stakeholders of the City in a manner that aligns resources with the policies, goals, mission, and vision of the City. The Budget Retreat is an early component of the budget process and an opportunity to engage with City Council to shape the budget and set priorities. The Budget Retreat contains significant Department expansion requests, and is not the City Manager's recommended budget. Below is a high-level summary of the budget calendar. It provides an overview of the planning that goes into the budget process and the interrelationship between the carryforward budget amendment, the 2025-2030 Capital Improvements Plan, and the 2025-2026 Biennial Operating & Capital Budget. 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 budget development process. BUDGET CALENDAR — NOTABLE DATES January - March January - March April - May Departments prepare requests for 2025-2030 Capital Improvement Program requests. Departments prepare requests for 2024 carry -forward budget amendment. Departments prepare requests for new positions/FTEs. CITY COUNCIL COMMUNICATION 2