2013–2014 BIENNIAL BUDGET - the City of Tukwila

2013-2014 Biennial Budget City of Tukwila, WashingtonIntroductionFINANCIAL PLANThe National Advisory Council on State and Local Budgeting (NACSLB) endorses the forecasting ofrevenue and expenditures in their Recommended Budget Practices. This section of the budget provides acombined view of both past and anticipated future revenues and expenditures for all funds. The planfocuses analysis on revenue sources in order to inform users of this document on how the City funds theservices it provides to its citizens. A table, graph and explanation of major changes is provided for theGeneral Fund, Special Revenue funds, Capital funds, Enterprise funds, Internal Service funds, andFiduciary funds. This is followed by a six-year forecast of revenue and expenditures along with adiscussion of the factors that affect the forecast. Long term debt and debt capacity is discussed as well asthe General Fund fiscal capacity. This chapter ends with a discussion of fund balance and workingcapital balances.A budget is a plan that develops and allocates the City’s financial resources to meet community needs inboth the present and future. The development and allocation of these resources is accomplished on thebasis of the foregoing policies, goals, and objectives addressing the requirements and needs of the City ofTukwila. While the other sections of this document will present the budget in detail, this sectionprovides an overview of the budget as a Financial Plan. As such, this section will focus on City strategiesto maintain its financial strength and the basis for the expectation for future revenues.An important part of a financial plan is the City’s Capital Improvement Program. While the projectsaffecting 2013-2014 are summarized under the Capital Budget section in this document, the entireCapital Improvement Program (CIP) is outlined, in detail, in a separate document.A six-year forecast of the City’s governmental fund revenues and expenditures follows this summary.The purpose of the forecast is to highlight issues associated with financial policies and budgetarydecisions. It is not intended to be a multi-year budget.Page 43