What is a budget?
A budget is the city's yearly revenue and expenditure plan. However, it is much more than a financial document. It is one of the central policies adopted by the Common Council each year with the aim of responsibly stewarding city resources and effectively providing city services. There are three major budgets:
- Operating budget (day-to-day expenses, wages, utilities, purchases of items intended to last less than a year)
- Capital budget (infrastructure, city property, long-term equipment purchases)
- Water/Sewer Utility budget (this is run as an enterprise fund)
An enterprise fund is a self-supporting government fund that sells services to the public for a fee.
How is the budget developed?
The city's budget is created in conjunction with the Common Council, the Mayor, city staff, and the public considering the fiscal and policy goals for the upcoming year.