Complete Document - City of Auburn

City of AuburnRevenue Overview• annexation and planned residential and commercial development datafrom the City’s Planning and Economic Development departments,• enrollment projections from Auburn University and the City Board ofEducation,• business and industrial expansion and downsizing data from the City’sEconomic Development Department.• estimates from various City departments concerning staffing and activitylevels that affect revenue sources.4. The Finance Director determines the initial revenue estimates based on the twoprojections and the various known socio-economic indicators outlined above. TheFinance Director also considers pending grant applications, planned debtissuances and interfund transfers, and other relevant factors.The City Manager then reviews the initial revenue projections and the various factorsconsidered during the estimation process with the Finance Director. The City Manager’sreview ensures that relevant factors known at the chief executive level are considered inprojecting the financing sources for the fiscal year’s operation. If projected revenues are notadequate to fund the expenditures to be proposed to Council, the Finance Director providesan analysis of the capital spending included in the proposed expenditures; then reductions ofproposed expenditures and borrowing options are considered by the City Manager. After anyrevisions resulting from this executive level review, the Finance Director makes additionalrevisions of the revenue projections as new information develops during the process ofdeveloping the budget proposal to Council and to incorporate the effect of any debtissuances that will be proposed.In April of each year, the City management team reviews the operating results of the first halfof the fiscal year (October through March). The City Manager and Finance Director comparebudgeted revenues with actual revenues recorded through March 31. Then, they revise therevenue estimates as considered necessary. If the revised revenue projections at mid-yearare adequate to fund the expenditures budget originally approved by the City Council, noexpenditure revisions are recommended. If the revised projected revenue and debt proceedsare inadequate to fund the originally approved expenditures, the City Manager directs thedepartment heads in developing expenditure budget cuts.At the mid-biennium review in the summer of the first fiscal year of the biennium, the Citymanagement team reviews the operating results of the first nine months of that first fiscalyear. The Finance Director updates the known socio-economic factors and conducts athorough analysis of the actual revenues received and projected to be received for the firstyear of the biennium. Then, Finance revises the revenue projections of the second year ofthe biennium as necessary. Finance compiles the City departments’ revised expenditurerequests for the second year of the biennium and provides the revised revenue andexpenditures data to the City Manager for executive review. The City Manager determines ifthe revenues and debt proceeds projected and the revised expenditures proposed for theremaining year in the biennium should be adjusted. These revised revenue and expenditureamounts are reflected in the mid-biennium budget amendment ordinance adopted by theCouncil prior to the beginning of the second fiscal year in October.Following the mid-year mark in the second fiscal year of the biennium, a revenue review isconducted as described above for the mid-year review during the first biennium year. Duringthe summer of the second fiscal year, a new biennial budget is prepared for the upcoming55