Page 41 - City of Westlake FY20 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 GFOA

C Budget Prepare for Municipal audit E   External auditors begin Municipal audit A   Academic Budget Kickoff
T C R

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

CA FR 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

• Elections
M A • Proposed Municipal budget presented to Council

A • CIP Planning U • Academic Budget Adopted
Y • 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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