HomeMy WebLinkAboutAgenda Report - May 4, 2005 K-04AGENDA ITEM K.'o 4
ilk CITY OF LODE
COUNCIL COMMUNICATION
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AGENDA TITLE: Presentation of the City Manager's Recommended Draft Fiscal Year (FY) 2005-
2006 Budget and Financial Plan
MEETING DATE: May 4, 2005
PREPARED lSY: City Manager
RECOMMENDED ACTION: Receive initial presentation from the City Manager and Finance
Director with regard to the recommended Draft FY 2005-2006
Budget and Financial Plan and schedule further presentations on
the Draft Budget for May 11, 2005 (Special Meeting), May 18, 2005 (Regular Meeting), May 10, 2005
(Shirtsleeve Meeting), May 17, 2005 (Shirtsleeve Meeting), and May 24, 2005 (Shirtsleeve Meeting), in
anticipation of Budget adoption on June 1, 2005.
BACKGROUND INFORMATION: Pursuant to Section 2.12.060 "G" of the Lodi Municipal Code, the
City Manager is required to annually prepare and submittal a budget
for adoption to the City Council. The City Manager will present the
Draft FY 05-06 Budget and Financial Plan at the May 4, 2005 City Council Meeting. The initial
presentation of the Draft Budget is one of several sessions to review the Draft Budget and Financial
Plan(i). Specifically, it is anticipated presentations regarding the budget and/or component elements of
the budget will occur according to the following schedule:
May 4, 2005 — Initial budget presentation including projected fund balances,
budget objectives, and significant and noteworthy issues;
May 10, 2005 — Update and Status of Electric Utility Department;
May 11, 2005 — Department by Department Presentation;
May 17, 2005 — Enterprise Funds;
May 18, 2005 — Remaining Miscellaneous Budget Issues;
May 24, 2005 — City Manager's FY 05-06 Work Plan; and
June 1, 2005 — Public Hearing and Adoption.
The proposed FY 05-06 General Fund Budget is $43,843,000. The General Fund Budget is balanced
and stable, setting the framework to develop a strategy to reach the City Council's goal of maintaining a
General Fund reserve equal to 15 percent of operating expenditures, or approximately a reserve of $6.5
million. In addition to the General Fund, the City's Expenditure Plan will include budgets for Electric
Utility, Water, and Wastewater services. The combined total of all City budgets is in the range of $100
million.
(eNote: The Budget and Financial Plan is presented as a draft document. Upon City Council adoption,
the Draft Budget and Financial Plan becomes the Final Adopted Budget and Financial Plan.
APPROVED:
Blair King, City Manager
FISCAL IMPACT: The Budget and Financial Plan is a policy and management document that
addresses the distribution of the financial assets of the City.
FUNDING AVAILABLE: Not Applicable
Blair King, City &Wnager