OBJECTIVES OF THE BUDGET
1. To establish service level efforts and funding in accordance with the service priorities set by the City Council for the coming budget period.
2. To adhere to the principles of financial management, including budgets being balanced and adopted on time, matching ongoing expenditures with ongoing resources, providing adequate maintenance to infrastructure, and keep prudent cash reserves.
3. To involve operating departments in the planning of service delivery for the coming year.
4. Assist the Council and community in understanding the City of San Gabriel's plan of operation, and to allow revision to the plan.
5. To establish a basis for annual audits.
ANNUAL OPERATING BUDGET
Goal setting and financial planning occur in a twelve month cycle. Since the levels and distribution of services are anticipated not to remain relatively constant over the next year, the two year budgeting process has been abandoned, as in the dynamic economic environment an annual budget simplifies efforts from all parties involved in establishing priorities, creating goals and objectives and allocating the appropriate financial resources.
The budget Calendar is prepared by the Finance Director and reviewed by the City Manager. The calendar establishes critical paths and deadlines necessary to adopting the budget prior to the commencement of the new annual budget period.
BUDGET GOAL SETTING
With each budget cycle, a workshop is held for the City Council, Commission Chairpersons and management staff members. At the session, an overview of the upcoming budget is presented. Goals and objectives are discussed. After the goal-setting workshop, Finance distributes the Budget Preparation Package to all departments for completion based upon policy direction from the city Council. The Finance Department complies the document for the City Manager's review.
BUDGET STUDY SESSION
A Budget Study Session is scheduled in early June. An overview of the City's financial condition and the proposed Budget is presented by the City Manager and Finance Director. Department Heads are asked to present a brief review of their respective departmental programs for the upcoming budget cycle.
BUDGET HEARING AND ADOPTION
Final adoption for both the City and Redevelopment Agency's budgets is scheduled for the last meeting in June, the third Tuesday. Responses to prior Council meetings or budget study sessions are addressed. A series of actions are taken including adoption of a Resolution establishing the next year's Gann Limit Calculation.
The final budget document is prepared by the finance Department and distributed to Council and management staff. Financial performance reviews are reported monthly to the City Council.