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<br />~ <br />/]'\~ HILLS <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />May 29, 2007 <br /> <br />TO: Honorable Mayor and City Council <br /> <br />Agenda Item 4.E. <br /> <br />FROM: Sue Iverson, Finance Director <br /> <br />SUBJECT: 2008 Budget Calendar <br /> <br />BACKGROUND: <br /> <br />Each year the City Administrator is to submit a budget to the City Council. The Council then <br />adopts a preliminary budget and levy to certify to the County by September 15th of each year. <br />Once this preliminary levy is set, it cannot be increased - but may be decreased. A final budget <br />and levy are adopted by the City Council and certified to the County by late December each year. <br />By statute, the City Council is legally required to adopt budgets for the general fund and all <br />special revenue funds. <br /> <br />DISCUSSION: <br />In order to start the budget process, a budget calendar needs to be approved by the council. <br />Council discussed the attached budget calendar at the May 21,2007, work session. <br /> <br />RECOMMENDED ACTION: <br />Motion to approve the 2008 Budget Calendar. <br />