City Council Agenda and Packet 2023 07 18 SP

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LL Cityof CITY COUNCIL COMMUNICATION Louisville AGENDA ITEM 2A COLORADO • SINCE 1878 SUBJECT: 2023-2024 BIENNIAL BUDGET DEVELOPMENT - YEAR 2 DATE: JULY 18, 2023 PRESENTED BY: JEFF DURBIN, CITY MANAGER RYDER BAILEY, CPA, FINANCE DIRECTOR BUDGET DEVELOPMENT PROCESS KICK OFF The purpose of this agenda item is to kick off the 2nd year of the 2023-2024 biennial budget development process. This process aims to be similar to those we have used in the previous year supplemental budget developments. The formulation of the annual operating budget, including the publication of the budget document, 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 Below is a high-level summary the budget calendar. It provides high level overview of the planning that goes into the budget process and the interrelationship between the carryforward budget amendment, the 2023-2028 Capital Improvements Plan, and the Supplemental Year to the 2023-2024 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 current budget development process. BUDGET CALENDAR March - April Departments prepare requests for 2023 carry -forward budget amendment, including requests for new projects/funding and justification narratives. March - May Departments compile updated key performance indicators. May - June Departments are asked to review the CIP 6 Year Plan, which includes previously requested capital projects for 2023 through 2028. CITY COUNCIL COMMUNICATION 3