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APPROVED BUDGET FISCAL YEAR 2022-2023

BUDGET WORKSHOP

Each year the Council holds a budget workshop to review the proposed budget and discuss the
proposed tax rate. Council uses this opportunity to make any changes before the budget public
hearing. Council held their budget workshop for the FY 2023 budget on August 2, 2022. At the
budget workshop Council also named the time and place for the budget hearing. Staff will take
any feedback from Council and update the proposed budget and proposed tax rate prior to
presenting to the public at the meeting where we hold the public hearing on the budget and tax
rate.

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 ACFR, 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
could be issued with minimal impact to the tax rate. This allows a coordinated review of both
the operating budget and the Capital Improvements Program. Also, alternative tax rate strategies
have been addressed during recent Multi-Year Financial Reviews, which assists in balancing
future budgets. The City Manager’s office works with the Fiscal Services department to evaluate
trends and develop multiyear projections. This information was also discussed in the annual
Budget Workshop presented to the City Council on August 2, 2022.

PUBLIC HEARING AND BUDGET ADOPTION

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The City Council voted on and approved the budget on August 23 . 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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