The CIP supports long-term planning by prioritizing investments that enhance service delivery, maintain public assets, and accommodate future growth. Special Revenue Fund Budgeting In addition to the General Fund, the City maintains Special Revenue Funds to account for revenues and expenditures dedicated to specific purposes. These funds may be legally restricted or established to enhance financial tracking and reporting. Special Revenue Fund budgets are developed alongside the General Fund and adopted by the City Council as part of the annual budget process. All activity is recorded within the respective funds, with interfund transfers clearly identified to ensure transparency. Financial Reporting & Budget Monitoring
All departments are committed to timely and transparent updates on the City’s financial performance in relation to the adopted and amended budget. Ongoing monitoring and reporting are essential for identifying trends, potential risks, and emerging opportunities that support sound financial stewardship. The budget monitoring process involves a structured, multi-layered approach and multiple touchpoints throughout the year: • Real-Time Department Dashboards – Each
department has access to real-time budget-to-actual reports for both operating and capital accounts. Department heads and key staff receive training on how to effectively use these new tools. • Quarterly Reviews – Finance performs internal quarterly reviews to evaluate trends in major revenue sources (e.g., sales tax, property tax) and assess expenditure levels across departments. Any unexpected deviations are analyzed. • Mid-Year Budget Review – A cornerstone of the City’s financial oversight, this public review takes place during the third quarter of the fiscal year and covers all City funds from July 1 through December 31. Working collaboratively with departments, the Finance Department conducts a comprehensive analysis of: o Actual revenues and expenditures o Capital Improvement Project (CIP) progress and funding
o Departmental projections through fiscal year-end o Identified variances and potential cost pressures
Based on these findings, the Finance Department prepares proposed budget amendments, which are reviewed by the City Manager and submitted to the City Council for consideration and adoption during the Mid-Year Budget Review presentation. • Year-End Review – As the fiscal year coming to a close, the Finance Department compares final budget to actual financial performance, the results of which are used to refine financial forecasting assumptions and update the long- range model to better support the Council in overall policy decisions. • Long-Range Financial Forecast – As part of the regular budget review, the Finance Department also updates the financial forecast to assist the City Manager and City Council in making informed decisions. This continuous cycle of review, analysis, and adjustment ensures that the City’s resources are aligned with operational goals and fiscal priorities.
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