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Page 3 of 7 Review 2014-2033 Capital Improvement Plan (CIP) 67 Based on the Strategic Plan and Council-adopted budget priorities, City Staff will develop and submit 68 the 2014-2033 Capital Improvement Plan (CIP). The CIP will include replacement schedules for 69 existing assets and where applicable, identify new capital needs. 70 71 Adopt City Council 2014-2033 CIP Funding Plan 72 After a period of reflection and discussion, the C ouncil will be asked to formally adopt the CIP 73 including the funding requirements for 2014 and beyond. This will in clude a review of the Funding 74 Plan adopted by the previous Council. 75 76 Review Legislative and Operational impacts 77 City Staff will provide an overview of the major legi slative (if any) and operational impacts that require 78 consideration and/or inco rporation into the 2014-2015 Budget. This may include impacts such as 79 federal or state-imposed mandates, program cost dr ivers, as well as marketplace and economic factors. 80 81 Receive 2014-2015 City Manager Recommended Budget 82 The 2014-2015 City Manager Recommended Budget will be based on the Strategic Plan, Council-83 adopted budget priorities, CIP, and legislative and operational impacts. The Recommended Budget will 84 also feature a proposed Tax Levy and Utility Rates for 2014. 85 86 Preliminary 2014 Budget, Tax Levy, and Utility Rate Hearing 87 After the City Manager Recommended Budget has b een submitted, the City so licits input from the 88 community by conducting a public hear ing. The purpose is for reside nts and stakehol ders to submit 89 comments or questions prior to the Council adopting the preliminar y, not-to-exceed tax levy and 90 budget. 91 92 The Hearing will also feature highlights on the major initiatives and cost drivers of the tax levy and 93 budget. 94 95 Adopt Preliminary 2014 Budget & Tax Levy 96 At the first Council meeting in September, the C ouncil will be asked to adopt a preliminary not-to-97 exceed tax levy and budget. Once the preliminary levy is set, it cannot be increased but it can be 98 lowered. Therefore it is suggested that the Council esta blish a preliminary levy that leaves some 99 flexibility to allow for continue d discussions on undecided matters. 100 101 Final Council Budget Recommendations 102 Typically in October, the City Council holds a final discussion on any undecided matters to provide 103 Staff with final budget and tax levy di rection. These figures are then presented to the public at the final 104 budget hearing in early December, which includes the projected financial impacts taxpayers and 105 ratepayers can expect the following year. 106 107 Final 2014 Budget, Tax Levy, and Utility Rate Hearing 108 The final budget hearing is presented to highlight final spending decisions and projected financial 109 impacts on taxpayers and ratepayers. 110 111 112