HomeMy WebLinkAboutItem 08Memorandum
To: Mayor and Council
City Administrator
From: Dennis Feller, Finance Director
Date: May 9, 2014
City of Lakeville
Finance Department
Subject: 2015 Budget and 2015 - 2019 Capital Improvement Plan Process
City staff is in the process of preparing for the upcoming budget and five year capital
improvement plan. The following is an overview of the process and schedule. Staff welcomes
City Council comments and direction.
Capital Improvement Plan
The Streets, Utilities and Facilities components will be provided to the City Council at the June
23 work session. The Parks Plan is in the process of being updated; the outcomes from the
updated plan may impact the five year CIP. The process schedule for the Park Capital
Improvement Plan will be established upon completion of the Park Plan Update.
The Capital Improvement Plan document including a Project Summary, Financing Summary
and Project Description similar to that shown on pages 219-289 of the budget document will
be presented to the City Council at the work session.
2015 Operating Budgets
The draft preliminary operating budget to be presented to the City Council in July will include
the following elements.
Tax Levy. With 2014 as the base year, the Council will be provided a list of additions
and deletions to the tax levy - in priority order.
• Summary information of salient proposed 2015 additions and deletions.
o Information regarding non -growth related adjustments will also be provided.
0 Summary Statement of Revenues and Expenditures for all funds.
Schedule
The following is a summary of the budget schedule.
Capital
Operating
Improvement
Budget
Plan
Review 5 -year projections
12 -May
Department submittal of budgets
23 -May
City Administration submittal of Draft Budget
25 -Jul
City Council Work sessions
- Streets, Utilities, Facilities CIP
23 -Jun
City Council Work sessions
July 28, Aug 11+ Aug 25
Preliminary Budget and Tax Levy
- City Council Approval
15 -Sep
City Council Work sessions
- Parks and Open Space
T. B. D
City Council Work sessions
Sept 23, Oct 28, Nov 25
Truth in Taxation public hearing
1 -Dec
Adoption of 2015 budget and tax levy
15 -Dec