The City of Coburg must prepare and adopt an annual budget in accordance with Oregon Local Budget Law. This is a joint effort between the people affected by the budget and by our appointed and elected officials. Following is an overview of the budget process.
The Budget Committee is also responsible for the review and recommendations to Council for the approval of the Annual Budget for the Coburg Urban Renewal Agency.
Local Budget Law guides the City’s three major components of budget development:
- Budgeting and Financial Forecasting
- City’s decision-making process
- Budget development and review
Local Budget Law does two important things:
- Establishes standard procedures for preparing, presenting, and administering a budget
- Requires community involvement in the preparation of a budget and public disclosure before a budget’s formal adoption
Budgeting and Financial Forecasting
- The City of Coburg budgets on an annual basis
- The annual budget is a financial plan containing estimates of expenditures and revenues for a single year
- Ensures those decisions are made within a larger financial perspective
- The City has many financial and planning policies that interact with and provide direction in making budgetary decisions
Budget Decision-Making Process
- Local Budget Law requires a Budget Officer be appointed and a Budget Committee formed
- The Finance Director acts as the City’s Budget Officer and City Council plus an equal number of citizens acts as the Budget Committee
- The Budget Officer is charged with overseeing the preparation of the Proposed Budget and presenting it to the Budget Committee for review and revision. Budget Committee meetings are generally held at least three times between April and June of each year
- The City conducts a proactive community outreach effort as part of the budget process which often includes a year round recruitment for Budget Committee members. All Budget Committee meetings are open to the public. Community priorities and feedback are encouraged either in writing or as public testimony at the meetings.
Budget Development and Review
- Each Department is responsible for participating in the development of its budget
- The Budget Officer is responsible for, in coordination with Department Heads and the City Administrator, producing a technically balanced budget
- The Budget Officer prepares budget analysis reports for the City Council summarizing the requested budget including the following:
- Financial summary of bureau resources and expenditures
- Major issues
- Recommendations
- These reports serve as the basis for discussion of the budget during Budget Committee’s work sessions
- A Budget must be adopted by City Council by June 30th of each year