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November 22, 2019 <br /> T4: Mayar Julie Moore Wolfe& Members of the Deeatur City Cauncil <br /> FRtJM: Scot Wrighton, City Manager <br /> RE: Propased 2020 Fiscal Year City Budget <br /> This letter transmits the City's preliminary 2020 budget. This dacument includes revisions made <br /> by the City Council during their November budget study sessians. City staff has made <br /> arrangements for a pubEic hearing on the preliminary budget ta be held on December 2, 2019 <br /> during the regular council meeting. The hearing has been advertised. This allows additional time <br /> #or the City Cauncil to make additional re�isians priac to scheduled adoption on December 16th. <br /> The budget for 2020 must be adopted prior to the January 1S'start of the new fiscal year. <br /> The development and adoption af the annual budget is one of the most important decisions the <br /> gowerning body makes every year. !n ane comprehensive document the council expresses its <br /> revenue policies, short and long term spending plans, connects its service goals and expected <br /> outcomes to its financial plans, expiains how it will manage its debt obligations, and disclases its <br /> views of municipal resource stewardship—meaning the budget delineates exactly haw the city <br /> proposes to balance the need ta provide essential services to citizens without over-burdening the <br /> local tax base. <br /> In the aggregate, the proposed 2020 budget autharizes expenses of$179.6 million funded from <br /> $'160.4 million in new revenues and $19.2 million in carryover balances. In accordance with the <br /> tenets of governmenta! fund accounting, each of the city's acfivity funds track expenditure and <br /> revenue transactions separately; and there are varying reserve and cash management policies <br /> for each of the different funds. As a part af the caunciPs review of the FY 202Q budget, it is <br /> recammended that sefected cash reserve policies be created or updated and joined with the <br /> cauncil's existing budget pa{icies. Municipa!budgets have five types af funds: 1)Business Activity, <br /> also called Enterprise/Proprietary Funds,2)Special Purpose/Restricted Activity Funds, 3) Internal <br /> Service Funds, 4} Trust Funds, and the General Fund that inckudes all genera! governmental <br /> activities that are nat included in the first four types. This year's budget presentation uses these <br /> groupings. <br /> i <br />