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City of Pleasanton Operating Budget • FY 2023/24 - FY 2024/25B - 2 <br />The following budgetary principles guided the City in preparation of this budget: <br />• The City will strive to maintain a balanced budget, with revenues (including transfers from the Pension/ <br />OPEB Obligation Fund, used for budget stabilization purposes) covering ongoing expenditures, for the <br />duration of the two-year budget <br />• Revenues are conservatively estimated <br />• The General Fund maintains a 16.7% - 25.0% of annual General Fund operating expenditures as reserves <br />• For capital projects, all associated costs are identified in order to properly consider future financial <br />impacts <br />• Each Enterprise and Internal Service Fund reflects the true cost of operation, including direct and indirect <br />costs of services provided by the General Fund <br />• Activities supported by user fees should be fully cost recoverable unless City Council direction calls for <br />less than full recovery (e.g. recreation programs) <br />• The City will incorporate all budgetary decisions into its fiscal models in order to ensure responsible, <br />long-range financial planning <br /> <br />Budget Development <br />The Finance Department is responsible for both preparing and monitoring the City’s budget. The Finance <br />Department begins the budget process with the development of the Operating and Capital Budget project <br />schedule approximately six months prior to the start of the fiscal year. The project schedule ensures the City <br />meets the mandatory June budget adoption deadline. <br />Development of the budget is dependent upon the City Council Work Plan in prior budget cycles. <br />Departments begin the strategic planning process by developing strategic initiatives which support goals <br />consistent with elements in the General Plan. A City Council Work Plan Workshop is held every two years to <br />gather input from both the public and the City Council on the proposed initiatives. The City Manager uses <br />the results of the workshop to develop the final draft of the Work Plan. The final draft of the Work Plan is <br />presented to the City Council for approval and adoption.