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it" Item Item No. Staff Report No. 97-j0g5 Meeting Date: May 5, 1997 • Type of Business: WK WK: Work Session;PH:Public Hearing; CA:Consent Agenda;CB:Council Business City of Mounds View Staff Report To: Honorable Mayor and members of the City Council From: Bruce A. Kessel, Finance Director Item Title/Subject: Proposed budget calendar Date of Report: May 1, 1997 I. Budget requirements. The City's Charter and Code, as well as State Statutes set forth various requirements for considering and adopting the City's budget. The following is a summary of those requirements: City Charter: Section 7.06, Subdivision 1. "The budget shall be considered at the first regular monthly meeting of the Council in September and at subsequent meetings ... The Council shall adopt the budget by resolution ..." Subdivision 2. "At least two weeks before the budget is adopted for the ensuring fiscal year, a summary shall be given in the City Newsletter, in draft form ..." • Section 7.04. "The City Clerk-Administrator shall submit to the Council the budget estimates with a budget calendar to be established by resolution ..." Section 7.05. "... The City Council shall hold a public hearing on the long-term financial plan and adopt it by ordinance ..." State Statutes. On or before September 15, Cities need to establish a maximum levy and set the dates for a public hearing on the proposed budget and levy for the subsequent year. Budget hearings need to be held between November 29 And December 20. Cities can not select dates until such time as the County and School District have selected theirs to insure that the are not duplicate budget meetings on the same date. II. Proposed budget calendar. The 1997 budget has been reformatted and should be ready for distribution in the next several weeks. Attached is a copy of the Community Development budget as an example of the new format. Staff believes that the new format should improve the budget review process and reduce the amount of time that will need to be devoted to reviewing the budget. Also, staff believes that the budget and long term financial plan are very interrelated and should be reviewed and adopted using the same time table. This will insure that the information within both documents are consistent. City Administrator Whiting has indicated that his goal is for the City Council to provide a list of priorities to the staff to be used in preparing the 1998 budget. He will then use those goals to establish the parameters that he would like used in preparing the 1998 budget and • long term financial plan. The budgets and long term financial plan would then be consolidated by the Finance Department and reviewed by the Finance Director and City Administrator, and