HomeMy WebLinkAbout405 - Adoption of the Annual Budget • CITY OF REDDING, CALIFORNIA
COUNCIL POLICY
SUBJECT RESOLUTION POLICY EFFECTIVE
NUMBER NUMBER DATE PAGE
ADOPTION OF THE BIENNIAL BUDGET 90-160 405 04/03/90
BACKGROUND
In accordance with State Law, the City has no legal obligation to adopt a comprehensive financial plan.
However,good business practice and sound financial prudence would indicate that the City of Redding adopt
a comprehensive financial plan on at least a biennial basis.
The comprehensive financial plan for the City of Redding is composed of spending, financing, and
performance plans for three types of budgets: operating,debt service, and capital improvement. All budgets
must be sound: the spending plan (expenditures and transfers out) must equal or be less than the financing
plan (revenues, transfers in, and use of fund balance).
PURPOSE
• To establish a biennial comprehensive financial plan.
POLICY
It is the policy of the City Council of the City of Redding:
That the City Manager shall propose to City Council at least every other year prior to the beginning of the fiscal
year a comprehensive financial plan for the next fiscal year or two fiscal years (July I to June 30). After
considering the City Manager's recommendations, the Mayor and City Council shall adopt the budget.
•
Amended April 15,200S.by Resolution No.2003-35