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Page 2 of 7 Under this suggested calendar, the Council will meet at least 17 times during this year’s budget process, 19 all of which will be open for public participation. Each of the calendar items shown in the table above 20 is described further below. 21 22 Receive 2012 Performance Measurement Results 23 City Staff will present the 2012 Performance Measurement results. The Council can determine if the 24 results are consistent with established standa rds and community expectations; and whether a 25 reallocation of resources is necessary. 26 27 Review 2014-2017 Strategic Plan 28 The Council will be asked to review the Strategic Plan to familiarize themselves with established Goals 29 & Priorities and the Action Plans that will drive the development of the 2014-2015 Budget. 30 31 Adopt Budget Program Priority-s etting criteria and methodology 32 A review of the current budget program priorities wi ll be made along with a re view of the priority-33 setting criteria and methodology used during the previous priority-setting process. The Council is also 34 asked to consider any new initiatives and how th ey might factor into th e budget ranking process. 35 36 The Council will then be tasked with individually ranking the budget programs. Rankings will be 37 compiled by City Staff so a Council composite score can be assigned. 38 39 Review City Council Budget Program priorities 40 The Council will review the composite scores and overall rankings for each budget program. The 41 Council will be encouraged to review the results and determine if additional iterations are warranted. 42 43 Receive 2012 Year-end Financial Report 44 The City’s auditors will presen t the highlights of the 2012 Annual Fi nancial Report and the results of 45 the City’s annual au dit. The results are not likely to contain any surprise s, but may warrant a change in 46 one or more of the City ’s Financial Policies. 47 48 Adopt City Council Budge t Program Priorities 49 The Council will be asked to finalize and adopt the budget program priorities that will be used to 50 formulate the City Manager Recommended Budget. 51 52 Initial Budget Hearing 53 The initial budget hearing can be used to solicit p ublic comment on the upcomi ng budget and tax levy. 54 This hearing will largely be open-ended and will allow the Council to gauge the public’s receptiveness 55 to current or proposed tax levies, as well as inte rest in changes in programs and service levels. 56 57 Adopt Financial Polices 58 Each Budget Cycle, the Council is asked to affirm (or modify as necessary) the City’s Financial 59 Policies. These Policies provide for the sustainability of City programs, servic es and infrastructure and 60 establish the appropriate fi scal and budgeting controls. 61 62 The Financial Policies provide guidance on the following; operatin g budgets, capital improvements, 63 debt issuance, revenue divers ification, and cash reserves. 64 65 66