Title
2021 - 2022 Budget Process
Brief Description: Due to the impact of lost and deferred Income Tax Revenue caused by Covid-19 staff would like to discuss the timing of the 2021 -2022 budget process and the benefits of postponing Council’s review until January - March of 2021.
Body
Legislative History
None.
Purpose & Explanation
The purpose of this discussion is to explain the benefits and greater clarity gained by postponing the 2021 budget process until January - March 2021. The impact of decreased Income Tax Revenue and year end fund balances will be known by the end of December 2020 and will allow for a more accurate budget process.
Timing Considerations
None.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
No formal action necessary.
Submitted by,
Jane Howington, City Manager
Jeff Knoblauch, Assistant City Manager - Finance Director
Brian Griffith, Director - Management & Budget