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Definitions <br />• Revenues — Money that comes in (i.e., income) <br />• Expenses — Money that goes out (i.e., payments /costs) <br />• Fund — Checking account where revenues & expenditures are monitored and <br />recorded (City has over 100 funds) <br />• General Fund — Account which the City has the most discretion on spending <br />(least restrictions) <br />• Reserves — Savings account (to be used primarily for emergencies) <br />• Budget — Plan that tells us how much money we will receive and how we will <br />spend it <br />• Fiscal Year — 12 month budget calendar (From July 1st to June 30th) <br />What are the basic services in a typical City budget? <br />• Public Safety — Police & Fire Services <br />• Quality of Life — Parks, Recreation, Community Services, Library, Cultural <br />Arts, etc. <br />• Utilities — Water, Sewer, Trash pick -up, etc. <br />• Building & Development - Planning, Housing, Community Development, etc. <br />• Streets & Lights — Public Works, Capital Improvement Program, etc. <br />• General Services — City Manager's Office, Finance, Human Resources, City <br />Attorney's Office, etc. <br />Fund Structure <br />A fund is similar to a checking account where revenues & expenditures are <br />monitored and recorded. <br />Within our budget, we group over 100 various funds into five major <br />categories. <br />We manage over 100 funds <br />General Fund: City has the most discretion <br />Governmental Fund Categories <br />cis General Fund <br />c>3 Community Development <br />e,3 Special Revenue Funds <br />cr3 Capital Funds <br />cr3 Enterprise Funds <br />Innovation & Efficiencies <br />• Installation of new parking meters with improved technology in the <br />Downtown <br />Refinanced Police Department, jail and water enterprise debt service to save <br />millions in financing costs <br />Consolidated all public front counter services to the 15t floor of City Hall to <br />improve customer service experience <br />Adjusted rates to recover millions in jail cost savings. <br />Economic Outlook <br />CITY COUNCIL MINUTES 1 o -1 5 MARCH 17, 2015 <br />