What is a municipal budget?
Each year a city must forecast the expenditures and revenues it will incur in the upcoming year. The resulting formalized document is known as the Municipal Budget.
The budget provides accountability to Lincoln Park residents on how the City spends money. It also provides the City Council with the opportunity to examine how revenues and expenditures relate to long-term funding priorities and established Council goals.
The City of Lincoln Park's fiscal year is July 1 through June 30. As such, the City Council annually adopts the City's operating and capital budgets for a single fiscal year beginning July 1 and ending June 30 in the subsequent calendar year.
January-March – Planning
- Establish budget objectives and principles
- Provide policy direction for year-end results
- Consider policy direction for marginal budget adjustments
April – Budget Preparation
- Staff develops base budget and Council vision document
April/May – Public Forum
- City Council hearings on the proposed budget documents
July 1st – New Fiscal Year