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1/2/2025 <br />2 <br />Budgets and Budget Process <br />Understanding the City Budget <br />4 <br />•A budget is a financial plan projecting revenues and expenditures for a <br />defined period of time <br />Budgeting involves the following: <br />•Establishing goals and priorities for the City <br />•Allocating resources according to Council goals and priorities <br />•Comparing actual revenues and expenses to budget and <br />making adjustments as necessary <br />•Anchoring to Long-Term Forecasts <br />3 <br />4 <br />Page 86 of 109