DATE: November 22, 2016
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Michael Walters Young, Budget & Analytics Manager
SUBJECT:
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*Consideration of Resolution 2016-89, a Resolution to Adopt Budget Goals for FY 2017-2018 (12/1/16 Finance Committee 3-0)
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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 2017-2018 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 last years in two respects:
1) Budget goals are divided into three categories: Financial, Non-Financial and Specific for FY 2018. 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 2018 are also important as the completion of short-term, measureable accomplishments is key to demonstrating how effective resources were allocated and spent in any given fiscal year.
2) Inclusion of FranklinForward. Like last year, the goals of the City’s strategic plan have been integrated where applicable to the proposed budget goals for the next fiscal year. They are designated in Attachment A by the appropriate thematic icon from the strategic plan.
There are 28 goals proposed in total - 7 financial goals, 10 non-financial goals and 11 specific Fiscal Year 2018 initiatives.
Financial Impact
There is no direct financial impact from the adoption of the list of goals for FY 2017-2018, 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 2016-89 and forwarding to the BOMA.