REPORT TO COUNCIL
SUBJECT
Title
Review the FY 2018/19 Proposed Annual Operating Budget and Ten-Year Financial Plan
Report
BACKGROUND
City Charter Section 1302 Budget - Submission to City Council requires that at least thirty-five days prior to the beginning of each fiscal year, or at such prior date thereto determined by the City Council, the City Manager shall submit to the City Council the proposed budget.
In January 2018, the City Council held a Council Operational and Strategic Priority Setting Retreat (Council Priority Setting), in which the City Council Strategic Pillars were identified and discussed. The pillars are as follows and all have a direct impact on the City's Operating Budget.
1. Promote and Enhance Economic and Housing Development
2. Enhance Community Sports and Recreational Assets
3. Deliver and Enhance High Quality Efficient Services and Infrastructure
4. Maintain Adequate Staffing Levels
5. Enhance Community Engagement and Transparency
6. Ensure Compliance with Measure J and Manage Levi's Stadium
In addition, the City Council approved the 2018/19 Budget Principles at the Council Retreat which have been included in the proposed budget document (Page i). The proposed budget as submitted was developed in accordance with these guiding principles.
As was proposed by staff and approved by the City Council at the Council Priority Setting, this budget moves from a Five-Year Financial Plan to a Ten-Year Financial Plan which allows for a better understanding of today's fiscal actions over the long term and aligns with the existing strategic pillars.
DISCUSSION
The annual budget serves as a financial plan and operational guide that reflects the policies, goals, and priorities of the City Council and community while at the same time maintaining fiscal stability. The budget incorporates a balanced and responsible approach to meeting the City's short and long-term needs. The total operating budget for 2018/19 of $859.5 million represents an i...
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