Page 33 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

Section 1 Executive
Strategic Plan

WESTLAKE’S STRATEGIC DEVELOPMENT / BUDGET CYCLE

Establishing a link between a Town’ s strategy and budget is fundamental to effective public
budgeting. Westlake works hard to connect the strategy management system to the budget process.
Incorporating the Strategy Map into resource allocation decisions ensures the Town budget reflects the
priorities of the Town Council. The illustration below depicts the annual process of developing the
Town’ s budget. As the Budget Cycle illustration indicates, the process never ceases.

O Open Municipal fiscal year and Implement D Municipal budget submitted to GFOA M Municipal CAFR submitted to
C Budget Prepare for Municipal audit E External auditors begin Municipal audit A GFOA
T C R Academic Budget Kickoff

N Academic budget submitted to GFOA J 1st quarter financials compiled F Present Municipal CAFR to
O External auditors begin work on Academic A Present Academic Audit to Board E Council
V audit N B

CAFR Reporting and Strategic Planning

Budget Development

A Municipal Budget Kickoff J 3rd quarter financials compiled
P 2nd quarter financials compiled U Continued review of Municipal and Academic
R Municipal PAFR submitted to GFOA L Budgets

A Elections A Proposed Municipal budget presented to Council
P CIP Planning U Academic Budget Adopted
R Council Planning Retreat G End of Academic fiscal year

J Roundtable review of proposed Municipal Budget S Adopt Municipal budget
U Continued review of Academic Budget E End of Municipal fiscal year
N P Open Academic fiscal year and Implement budget

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