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Page 4 of 7 <br />Adopt Final 2014 Budget, Tax Levy, and Utility Rates 113 <br />At the conclusion of the final budget hearing or at the subsequent City Council meeting, the Council 114 <br />must adopt a final budget and tax levy in accordance with State Law. The Council also customarily 115 <br />adopts the final wate r and sewer rates. 116 <br />Once the final levy is established it cannot be change d. However, the Council has discretion to modify 117 <br />the budget or utility rates at any time. 118 <br />P OLICY O BJECTIVE 119 <br />Establishing an annual budget calendar demonstrates a commitment to an effective budget process that 120 <br />is transparent to citizens. It also ensures that the City continues its effort to improve results. 121 <br />F INANCIAL I MPACTS 122 <br />Not applicable. 123 <br />S TAFF R ECOMMENDATION 124 <br />Staff recommends that the Council consid er the proposed 2014/2015 Budget Calendar. 125 <br />R EQUESTED C OUNCIL A CTION 126 <br />For discussion purposes only. No formal action is required. 127 <br /> 128 <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: Resolution adopting the 2014/2015 Budget Calendar. <br /> B: Recommended Budget Cycle as outlined in the Performance Management Program. <br /> <br /> 129