Agenda - Council Work Session - 02/23/2016

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BUDGET PROCESS Each year the Council prepares an operating and capital budget. The operating budget shows expenditures to support the Council's operations, such as employee salaries, debt service (payments on borrowed money), and funds that the Council "passes through" to others in the form of grants and loans. The capital budget shows expenditures that involve major capital assets, such as building light-rail transitways, improvements to wastewater treatment plants, and funds to purchase land for regional parks. Both budgets indicate the funding sources to pay for the expenses, and together, they make up the Council's 2015 Unified Budget. The Council is committed to the good stewardship of public resources as it carries out its mission. The Council's 2015 Unified Budget fulfills that commitment. REVIEWING AND DEVELOPING THE BUDGET January - June The Regional Administrator meets with division managers to build a proposed budget that meets guidance from the Council. A "big picture" budget overview is presented to the Council. July - August The Council's standing committees review and refine the divisions' budget proposals, priorities, and funding options. Division budget proposals are presented to the Council. The Council is required to adopt a preliminary operating budget and property tax levy by September 1 of each calendar year. August - November The Council's standing committees review the proposed capital program. The capital program is a six-year plan and includes projects such as replacement of fleet vehicles (buses and trains), 5 park improvements and land acquisition, and wastewater system infrastructure. The Council approves the Unified Budget for public comment. RECEIVING PUBLIC COMMENT November - December The Council is open to receive public comments on its proposed budget until final adoption at the Council meeting on December 10, 2014. "Truth in Taxation" notices are mailed by metro area counties to property owners showing the proposed amount of property tax that they will be required to pay during the coming year from all taxing jurisdictions. These notices also indicate the date the Council will hold its public meeting to consider and adopt its final budget and levies. ADOPTING THE BUDGET At its meeting on December 10, 2014, the Council will adopt a final budget that reflects any changes made to the public comment draft budget. The property tax levy adopted with the preliminary operating budget in August may be lowered, but not increased, when the final budget is adopted.