The Approved budget is then recommended to the City Council and they review then adopt a budget that is basically the financial plan for the City, which incorporates the 5-year Capital Improvement Plan. The City Council adopted the budget on June 3, 2014, as recommended by the Budget Committee. It forms the basis for budget appropriations and includes any revisions or adjustments made by the Budget Committee.
Any citizen who is interested in reviewing the budget may contact the Finance Department at City Hall. Copies of the budget are also available for review at the public Library. The actual budget document contains extensive line details and is about an inch thick.
These are some significant steps in a budget process:
- April 22, 2014 – The City Manager presents the Proposed Budget to the Budget Committee. This provides a starting point for discussions. Budget Committee meeting scheduled for public review and consideration of the document.
The Budget Committee is made up of the seven City Council members and seven non-elected citizens.
- In April and May, the Budget Committee deliberates on the Proposed Budget.
- May 8, 2014 - The Budget Committee approved the Proposed Budget with amendments after review and receiving public comment. These amendments are listed here along with an approved summary of all funds. The Approved Budget will be recommended to the City Council.
- June 3, 2014 – The Adopted Budget. The City Council reviewed and considered the Approved Budget, deliberated and, where they determine appropriate, makes further adjustments which are embodied into the Adopted Budget.
- July 1 – Implementation of the FY 2014-15 Budget - adopted by the City Council on June 3, 2014. The services and projects within the Adopted Budget are implemented.
In addition, the Budget Committee met on March 20, 2014 for a pre-meeting (prior to distribution of the budget document at the April meeting) to go over ground rules and other information - refer to agenda.
The City has received the Distinguished Budget Presentation Award from the Government Finance Officers Association (GFOA) for many years for its budget documents. Links to our more recent budget documents are shown below.
For the Lake Oswego Redevelopment Agency (LORA) budget documents click here.