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SUBJECT: 2024 BUDGET DEVELOPMENT PROCESS <br />DATE: JULY 18, 2023 PAGE 2 OF 3 <br />June - July City Manager reviews all requests for capital projects and <br />develops a preliminary Six -Year Capital Improvements Plan. <br />June - July Departments prepare six -year revenue estimates, requests <br />for new positions/FTEs, and requests for operating budgets <br />Today City Council Budget Retreat to discuss budget process and <br />to review preliminary recommendations from the City <br />Manager on the Capital Improvements Program. <br />September 5th <br />September <br />October 17th <br />November 6th <br />FINANCIAL POLICIES <br />City Manager's Recommended Budget is presented to City <br />Council <br />City Council may hold a study session(s), if necessary. <br />Budget Public Hearing <br />City Council is presented with Resolutions to Adopt the <br />Budget, Appropriate Funds, and Levy Taxes <br />The City's Financial Policies are posted on the Finance Department's webpage, linked <br />here, they are reviewed annually by the Finance Committee, they were last amended by <br />City Council on December 21, 2021. <br />The current set of financial policies include an Introduction Section and the following eight <br />Policy Sections: <br />1. General Policies <br />2. Reserve Policies <br />3. Debt Policies <br />4. Revenue Policies <br />5. Operating Budget Policies <br />6. Investment Policies <br />7. Capital Asset Management Policies <br />8. Accounting, Auditing, and Financial Reporting Policies <br />CITY COUNCIL COMMUNICATION <br />9 <br />