City begins budget preparations
DOWNEY - The Downey Municipal Code mandates that the city adopt its budget for fiscal year 2011-12 before June 30, 2012. The fiscal year begins on July 1, 2011 and ends on June 30, 2012.Towards this end, staff has prepared a budget preparation calendar which was approved by the City Council on Tuesday. By the following morning, the distribution of budget worksheets to the various pertinent departments had begun. According to finance director John Michicoff, the calendar establishes various deadlines to accomplish the completion of the budget "in a timely manner." The budget phases include a budget review and training this Jan. 25, the submission of capital projects estimates by public works on Feb. 11, budget worksheets input by department on Feb. 25, submission of revenue estimates to Michicoff on March 1, city manager review of department requests from March 28 through April 8, review by the council budget subcommittee in April, and the compilation and printing of the preliminary budget from May 2 to May 20. May 23 through June 28 is tentatively scheduled for city council review of the preliminary budget. During this time, city council may set specific dates and times for staff to present and discuss the document. The final phase will be a public hearing on the budget, also tentatively scheduled for June 28, 2011. At this time the city council is expected to adopt the 2011-12 budget.
********** Published: January 13, 2011 - Volume 9 - Issue 39