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Doi <br />of Tukwila <br />Allan Ekberg, Mayor <br />INFORMATIONAL MEMORANDUM <br />TO: Finance and Governance Committee <br />FROM: Vicky Carlsen, Finance Director <br />CC: Mayor Ekberg <br />DATE: January 18, 2022 <br />SUBJECT: 2023 — 2024 Biennial Budget Process <br />ISSUE <br />Review process associated with the development and adoption of the 2023 - 2024 <br />biennial budget. <br />BACKGROUND and DISCUSSION <br />Activities to Date <br />As of January 1, we are live with Phase 1 of our new financial software system, Finance <br />Enterprise. Phase 1 includes general ledger, accounts payable, accounts receivable, and <br />cashiering. Staff will be able to utilize the new system for some, but not all budgeting <br />processes. The system will provide higher accuracy and better tracking of changes as the <br />budget is drafted. Until payroll is implemented, we will still need to calculate labor costs <br />using Excel. <br />We have also outlined several touch points with City Council in the first few months of the <br />year; prior to budget review session. The touch points are an opportunity to discuss <br />various aspects of the budget and budget process prior to formal review. The following <br />areas have been identified and staff is requesting input from the Committee on these <br />and/or other ideas for touch points. <br />- City structure from a budgeting perspective including existing policies, best <br />practices, bond rating, etc. <br />- City revenues including historical data, restrictions, limitations on growth, and how <br />each major revenue source is utilized <br />- Labor and other costs the City has little or no control over <br />- Capital projects overview including prioritization and funding options <br />- Proposed budget process and calendar <br />Public Outreach <br />The City Council and Administration both desire community engagement early in the <br />budget process so that community has the ability to participate and provide input before <br />decisions are made. Due to the ongoing effects of the pandemic, the current plan is for <br />online opportunities. If it is deemed safe to meet in-person at a later date, in-person <br />opportunities can always be added. Public outreach possibilities include: <br />- Online survey <br />- Virtual community meetings <br />9 <br />