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