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Financial Snapshot
Budgeting Basics
The City’s overall adopted budget for fiscal year FY 2016 is $489.6 million (net of interfund transfers). This represents a decrease of $8.1 million or 1.6 percent from the FY 2015 budget.  A municipal budget is made up of several different types of funds.  The General Fund is one of the largest of these funds.  By definition, all services not specifically funded by other sources, such as the Water and Sewer Fund or the Parking Fund, are funded through the General Fund.  Services such as Police and Fire Rescue are funded through the City’s General Fund.  The City’s General Fund budget for FY 2016 is $229.9 million.  This represents an increase of $10.5 million or 4.8 percent as compared to the FY 2015 General Fund budget.  More information concerning the City’s FY 2016 budget can be found at:  FY 2016 Adopted Operating Budget


General Fund Financial Position
The City’s Fund Balance Policy sets an overall target of 17 percent of General Fund expenditures (equal to two months of operating expenditures).  For FY 2016 the budgeted fund balance amount for the General Fund is $39.3 million – consisting of $28.9 million for the fund balance target amount and $10.4 million used to prepay pension contributions (amount above 17 percent target).  Over the course of the fiscal year, the financial position of the City’s General Fund will be updated as midyear forecasts are completed.