File #: 17-1014    Version: 1 Name:
Type: Resolution Status: Passed
File created: 11/15/2017 In control: Board of Mayor & Aldermen
On agenda: 12/12/2017 Final action: 12/12/2017
Title: Consideration of Resolution 2017-85, a Resolution to Adopt Budget Goals for FY 2018-2019 (11/30/17 Budget & Finance 4-0)
Sponsors: Kristine Brock, Michael Walters Young
Attachments: 1. Res 2017-85 FY 2019 Budget Goals_with attachment A.Law Approved

 

DATE:                                                               November 21, 2017

 

TO:                                          Board of Mayor and Aldermen

                                          Budget & Finance Committee

 

FROM:                                          Eric Stuckey, City Administrator

                                          Kristine Tallent, Assistant City Administrator/Chief Financial Officer

                                          Michael Walters Young, Budget & Strategic Innovation Manager                     

                                          

SUBJECT:                                          

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Consideration of  Resolution 2017-85, a Resolution to Adopt Budget Goals for FY 2018-2019  (11/30/17 Budget & Finance 4-0)

 

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Purpose

The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning budget goals for the 2018-2019 Fiscal Year.

 

Background

It is customary to include a list of goals in the budget document of the City. The creation and approval of a series of broad and diverse policy statements is an important step in the proper execution of the annual operating and capital budget processes. This year’s goals are similar to previous years in two respects:

 

1)                     Budget goals are divided into three categories: Financial, Non-Financial and Specific for FY 2019. Although a budget is at its heart a financial plan which allocates resources for various purposes, it is important that it also serve as a policy document. To that end, the inclusion of non-financial goals is important as it places the budget in context with other policies made by the City. Specific goals for FY 2019 are also important as the completion of short-term, measurable accomplishments is key to demonstrating how effective resources were allocated and spent in any given fiscal year.

2)                     Inclusion of FranklinForward. Like previous years, the goals of the City’s strategic plan have been integrated where applicable to the proposed budget goals for the next fiscal year.

 

The goals will be attached to this item prior to the meeting on November 30th. 

 

Financial Impact

There is no direct financial impact from the adoption of the list of goals for FY 2018-2019, however adoption of these goals will directly influence budget recommendations for all funds for the upcoming fiscal year.

 

Recommendation

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Staff recommends adoption of the Resolution 2017-85 and forwarding to the BOMA.