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City of Poulsbo 2012 Budget-In-Brief

City of Poulsbo 2012 Budget-In-Brief

THE BUDGET

THE BUDGET PROCESSBudget development is a yearlong process. The City is constantly looking for ways to streamlineoperations, to be more efficient, and make adjustments to improve service delivery. Many ofCouncil’s actions throughout the year have budgetary implications for the coming year. Inaddition, citizen input and ideas received during the year are reflected in the budget proposalsprepared by the City staff. Some of the significant events that contribute to the annual budgetpreparation are:JanMayJulyCity Council holds retreat to discuss goals and priorities for the upcoming year.Capital Improvement Team meets to begin CIP process.•Budget kickoff.•Council provides direction to staff for preparation of next year’s budget.•Electronic budget information is available to Department Heads, Mayor, and Council.July- •Each City department prepares a "basic budget” for all existing services.Aug •Additional Funding and New Programs requests are submitted separately.•Departments review budgets with their Council Committees.SeptOctNovDecJan-MarJan-DecBudget staff prepares the Preliminary Budget for review by the Mayor.•Proposed Preliminary Budget presented to Council.•Budget staff reviews current revenue sources with Council.•A public hearing on revenue sources is held. The property tax rate is set.•The Preliminary Budget is presented to Council and made availableto the public.•The City Council holds a series of budget work sessions to review the preliminarybudget.• Each department presents their proposed budget.•The capital improvement plan is also presented.•A public hearing is held to gather citizen input on the PreliminaryBudget and any modifications that were made by the Council during their review.The City Council completes their review of the budget and approves an ordinanceadopting the budget for the coming year.The City publishes the final budget document during the first quarter ofthe budget year.The adopted budget is monitored and amended, if necessary,throughout the budget year.- 4 -

ABOUT POULSBO’S BUDGETThe City of Poulsbo’s budget is made up of 24 funds. Each fund is balanced so revenues equalexpenditures. In 2011 and 2012, decreases in fund balance is primarily due to projects usingreserves as a funding source.2010 2011 2012Actual Budget* Budget*Governmental Revenues $ 15,428,615 $ 16,001,439 $ 13,204,525Proprietary Revenues 7,294,439 7,429,568 7,219,799Total Revenue/ Sources 22,723,054 23,431,007 20,424,324Governmental Expenditures 21,398,568 16,878,908 14,443,555Proprietary Expenses 6,049,138 6,882,728 6,879,199Expenditures/ Uses 27,447,706 23,761,636 21,322,754Net Increase (Decrease) (4,724,652) (330,629) (898,430)Fund Balance/Equity - Beginning 59,705,467 55,182,695 55,066,656Increase in Contributed Capital 221,116 100,000 110,000Prior Period Adjustments 8,398 - -Fund Balance/Equity - Ending $ 55,210,329 $ 54,952,066 $ 54,278,22620,424,3242010 2011 2012Budget*Budget*Actual21,322,75423,431,00723,761,63622,723,05427,447,706TotalRevenue/SourcesExpenditures/ Uses- 10,000,000 20,000,000 30,000,000- 5 -

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