Page 90 - Hurst FY19 Approved Budget

MULTI-YEAR FINANCIAL PLAN

Multi-year projections have become an integral part of the budget process as estimates
of future financial operating conditions are provided to the City Council. Historical data,
as reconciled to the CAFR, plus growth assumptions for each line item are combined
to provide projections that indicate the City’s future fiscal position. The multi-year
projections identify any potential problem in matching projected revenues with
anticipated growth in expenditures. One important result of the multi-year financial
overview has been the ability to project when tax supported bonds can be sold while
stabilizing the tax rate, therefore, drawing together the operating budgets and the
Capital Improvements Program. Also, alternative tax rate strategies have been addressed
during recent Multi-Year Financial Reviews, which assisted in balancing future budgets.

In May, the Department Directors prepared the additional four-year budgetary
projection based on current budget and anticipated growth factors. This information
was utilized in the annual Multi-Year Financial Overview presented to the City Council
on August 18th. Selected Multi-Year Financial Overview schedules are located in the
Long Term Strategic Planning section.

PUBLIC HEARING AND BUDGET ADOPTION

On August 18th, the City Council reviewed the Preliminary Budget and set a time and
place for the Public Hearing. The City Council voted on and approved the budget on
September 11th with the final reading on September 25th. After the budget’s adoption,
monthly financial reports are issued so that the budget can be monitored and controlled
during the fiscal year.

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