An overview of the Operating Budget was presented to the City Council at a recent meeting. The city is in a better position to manage the pandemic’s financial impacts as the economy begins reopening.
The City moved from a single-year budget process to a biennial (two-year) budget process with the adoption of the Fiscal Years (FYs) 2019/20 and 2020/21 Operating Budget.
Two-year budgeting allows the City to use its human resources more efficiently and reallocate resources to the capital budgeting process during the off-cycle year. Two-year budgeting also reinforces the City’s commitment to long-term fiscal health by looking beyond a one-year period when funding operating activities and capital improvements. Under two-year budgeting, the City continues to operate on a July
June annual fiscal year, retaining the fiscal control provided by annual budgets. The City Council continues to receive quarterly financial updates as well as a mid-cycle review approximately twelve months after the initial adoption of the two-year budget.
