The Town's Budget operates on a fiscal year basis, July 1 through June 30. December 31 marks the Town's mid-year point for the budget. After mid-year, the Finance Department produces a Mid-Year Budget Report for the City Council and Finance Committee showing how the Town's operations have fared through the year.
On February 19, the City Council will receive the Report from Finance Director, Robert Barron. Mr. Barron will highlight major areas of the Town's expenditures and revenues and provide a Report on the Town's major funds. Revenues are projected for the remainder of the fiscal year - expenditures as well. While the City Manager has the authority to shift funds from one line item to another within a department, any transfers between departments or funds require approval of the City Council. At mid-year, staff brings a summary report to the Council of the mid-year status as well as any fund or interdepartmental transfers for approval. Typically, the only big issues at mid-year are unanticipated expenditures that occurred over the first six-months - usually due to emergencies or other unpredicted incidents.
Overall, the Town continues its emphasis on self-reliance and consistently budgets revenues and expenditures conservatively. The Town has a healthy reserve policy of 35% of its operating revenues and, in 2014, will examine revenue alternatives as well as expenditure reductions as part of the 2014/2015 Annual Budget Process. This will include a discussion of the parcel tax and setting the 2014/2015 rate.
For those interested in participating, a schedule for the 2014/2015 Annual Budget Process is as follows:
February 19 - Regular Meeting
* Mid-Year Budget Report
March 5 - Study Session
* Town Reserve Policy
* Revenue Enhancement Alternatives Discussion Part I
May 7 - Study Session
* Revenue Enhancement Alternatives Discussion Part II
May 21 - Regular Meeting
* Budget Kick-Off - General Fund & Operations
June 4 - Study Session
* Budget Capital Projects & Special Funds
* Parcel Tax Discussion
June 18 - Regular Meeting
* Budget Adoption - Public Hearing
* Set Parcel Tax Rate - Public Hearing
Dates are tentative and may be revised or continued as items and issues evolve; but, one thing is for sure - there will be charts and graphs in a PowerPoint.
Hope to see you there!