The City Council will conduct the public hearing on the proposed fiscal year 2013-2014 Annual Operating Budget and Capital Improvement Program, and schedule the budget for adoption at the June 25 meeting.
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"The budget is on time and it is balanced," Mayor Bob Kellar said.
The fiscal year 2013 budget process is a six month effort that began in January. The City Council Budget Subcommittee, which is comprised of Mayor Kellar and Mayor Pro Tem Weste, has been involved in the budget process and played a significant role in the development of the recommended budget.
"This will be the first reading, and I expect the proposal of city manager will give an overview of the budget," Kellar said.
The proposed budget was presented to the city council and all the commissions during the joint budget study session on May 7. In addition, on June 4 the Planning Commission made a finding by minute action, that the draft fiscal year 2013 Capital Improvement Program is consistent with the City's General Plan.
"We will finalize it at the second reading at the end of the month, and it goes into effect on July 21st," Kellar said.
The fiscal year 2013 budget totals $180 million. This includes funding for the Capital Improvement Program, the Redevelopment Successor Agency, operations and maintenance, personnel, and debt services.
When compared to the fiscal year 2012 adopted budget, this represents a 1.31 percent decrease, which is consistent with the city's goal to be conservative with spending and mindful of future challenges and opportunities.
A significant part of the budget process is estimating revenues for the upcoming fiscal year. This process is critical, as appropriations are based on these projections.
Several factors are considered to ensure accuracy in our projections, including the state of the economy, historical trends, population projections/growth, and inflationary factors.
With this information, the city can best determine the revenues available for allocation. Additionally, the city utilizes long-range financial planning to ensure long-term solvency.
For fiscal year 2013, total resources meet total expenditure appropriations, with the General Fund yielding a revenue surplus of $501,697. For certain one-time capital projects, fund balance is appropriated.
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