ITEM 15 ATTACHMENT 1 - Laserfiche WebLink

• The City will strive to maintain a balanced budget, with revenues (including transfers from the Pension/ OPEB Obligation Fund, used for budget stabilization purposes) covering ongoing expenditures, for the duration of the two-year budget • Revenues are conservatively estimated • The General Fund maintains a 16.7% - 25.0% of annual General Fund operating expenditures as reserves • For capital projects, all associated costs are identified in order to properly consider future financial impacts • Each Enterprise and Internal Service Fund reflects the true cost of operation, including direct and indirect costs of services provided by the General Fund • Activities supported by user fees should be fully cost recoverable unless City Council direction calls for less than full recovery (e.g. recreation programs) • The City will incorporate all budgetary decisions into its fiscal models in order to ensure responsible, long-range financial planning Budget Development Budget Development Process Policy & Guideline Ancil Work Plan Review • Fiscal Policies • Strategic Plan Budget Kickoff and • foals end Objectives Instructions • Balanced Budget •Economic fw tts Department Needs • Histwical trends • Budget Vs. Actuat Analysis •New Programs • New Suffing Bud et Re uest . Personnel Budget g 4 •Oluretionary Budget • Finance Analysis Decision Making : City Manager Approval • Public Hearing • C-il Adoption The Finance Department is responsible for both preparing and monitoring the City's budget. The Finance Department begins the budget process with the development of the Operating and Capital Budget project schedule approximately six months prior to the start of the fiscal year. The project schedule ensures the City meets the mandatory June budget adoption deadline. Development of the budget is dependent upon the City Council Work Plan in prior budget cycles. Departments begin the strategic planning process by developing strategic initiatives which support goals consistent with elements in the General Plan. A City Council Work Plan Workshop is held every two years to gather input from both the public and the City Council on the proposed initiatives. The City Manager uses the results of the workshop to develop the final draft of the Work Plan. The final draft of the Work Plan is presented to the City Council for approval and adoption. In FY 2023/24 the City transitioned from a 2 -year work plan to a 5 -year strategic planning process to identify longer-term goals and priorities to guide City decision-making. The ONE Pleasanton Strategic Plan, adopted by the City Council in October 2023 creates a vision for the future and provide a foundation for the design and implementation of projects and programs. Strategic plan elements will include a clear mission, vision, and values, as well as goals, strategies, and a plan of action for implementation. 194