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<br />. <br /> <br />. <br /> <br />. <br /> <br />.. <br /> <br />/ <br /> <br />~ <br />~HILLS <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />April 14,2004 <br /> <br />Agenda Item 2.E <br /> <br />TO: Honorable Mayor and City Council <br /> <br />FROM: Murtuza Siddiqui, Finance Director/Treasurer ._~ <br /> <br />SUBJECT: 2005 Budget Process and Priorities <br /> <br />BACKGROUND: <br /> <br />It's about this time of the year, City Council and staff commences the budgeting process for the <br />next fiscal year. In late January 2004, the City Council and the management team participated in <br />a retreat to review and prioritize goals and projects for the current year as well as planning for <br />the future. <br /> <br />DISCUSSION: <br /> <br />A tentative budget ealendar has been prepared that outlines the proposed process and a timeline <br />for when certain actions need to be taken by both the Council and the staff. In addition to this <br />calendar, ineluded is the list of factors that will influence the 2005 budget. <br /> <br />In mid June, a speeial work session is planned that will be specifically dedicated to budgeting. <br />The Council and staff will prepare a draft budget based on the outeome of the January's retreat <br />and the direction provided by the Council at the Apri119'h Work Session, <br /> <br />A budget is a planning and forecasting document that provides a road map for the future. The <br />purpose of the special work session and this exereise is to for both the Council and the <br />management team to become more familiar with the various revenue streams as well as on-going <br />operating expenditures and/or any special one-time expenditure. This will also serve as a good <br />opportunity to understand various funds and its uses. <br /> <br />To start a discussion on this topic, staff has identified a number of factors that will influence the <br />2005 Budget. The factors, to name a few, are identified as follows: <br />