After almost four months as your new Mayor, I am writing to you today to shed light on an essential aspect of city governance - the annual budget planning process.
As you may already know, a city's budget is not just a mere fiscal outline; it is a comprehensive management and planning guide that determines how the city will utilize its financial resources in a manner that benefits each and every one of its citizens. It serves as a roadmap for the City Council, and department heads to collaboratively make informed decisions that aim to maintain and enhance the well-being of the community.
To achieve this, we hold a workshop annually, where city leadership analyzes and forecasts the upcoming year's expenditures and revenues. Since resources are not limitless, budgets play a pivotal role in identifying and prioritizing the goals and objectives that will have the highest positive impact on the community.
With careful consideration, the leadership creates a budget that aligns with their vision and encompasses the necessary provisions to accomplish target projects. The initial budget workshop takes place in June, where we lay the groundwork and engage with department heads to address specific needs, such as personnel training, capital equipment and projects, and essential business travel for the upcoming year or two.
City funds primarily come from the General Fund, which is the main operating reserve. It funds foundational community services and utilizes a significant portion of the City's tax revenue to ensure the smooth functioning of public safety, parks and recreation, library services, street maintenance, and vital support functions. The major revenue sources for the General Fund include Property Tax, Sales Tax and Franchise fees.
To ensure financial transparency and accountability, the financial planning undergoes rigorous review by the Council. The City Manager carefully analyzes available funds and revenue projections, taking into account historical trends and the property values provided by the Navarro Central Appraisal District. The Council then uses these values to set property tax rates. It is worth mentioning that the budget allocates funds specifically for certain departments, in accordance with state laws. After all the financial elements fall into place, the budget is thoroughly reviewed and the final version is passed, approved, and adopted by the City Council in September.
In conclusion, I want to emphasize the utmost importance of a balanced budget for the continuous prosperity and development of the city. While we consider various factors and refine our financial plans throughout the year, the final numbers guarantee that Corsicana will evolve as a thriving community that caters to the needs and aspirations of the citizens.
Thank you for your attention, and please feel free to reach out to me if you have any further questions or concerns regarding the budget planning process.