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FY2027 Budget Development & Fiscal Plan
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Introduction
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The purpose of this item is to introduce the proposed FY2027 Budget & Fiscal Calendar to the Finance Committee. The calendar establishes the working schedule for the Village’s FY2027 operating budget, capital planning, financial policy discussions, major revenue and fee reviews, debt and capital financing strategy, utility funding considerations, department presentations, and final budget and levy adoption milestones. This discussion is intended to align expectations early in the process and provide a transparent roadmap for how the FY2027 budget will be developed, reviewed, and ultimately presented for Village Board action.
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Recommended Action
Staff recommends that the Finance Committee review the proposed FY2027 Budget Calendar, provide feedback on the proposed meeting cadence and discussion sequence, and use the calendar as the framework for organizing the Committee’s work during the calendar year 2026 budget development cycle for the FY2027 Budget. No formal Finance Committee action is requested as part of this Finance Committee discussion item.
Prior Board Action
The Village Board has previously taken actions that inform the FY2027 budget process, including approval of the Baker Tilly Strategic Financial Forecast, the BS&A Cloud migration, and the Finance Department’s broader modernization and capacity-building initiatives. The attached calendar also anticipates future Board discussions and actions related to financial policies, the comprehensive fee schedule, debt and capital financing strategy, the Capital Improvement Plan, the FY2027 Budget, and the tax levy.
Background
The FY2027 Budget Calendar is designed to move the Village from early policy framing and financial forecasting into detailed departmental review, Manager’s Draft preparation, Finance Committee review, public hearings, and final Board consideration. The calendar begins with the May 21, 2026, Finance Committee discussion of the strategic financial model and overall budget process, followed by internal budget marks, budget kickoff activities, Euna Budget training, BS&A Cloud implementation milestones, department submissions, internal departmental review meetings, and a structured series of Finance Committee discussions through the fall.
May: Finance Committee process preview, budget marks, budget kickoff, Euna Budget training, and financial policy framework discussion.
June: major revenue and capital context, Euna capital setup, BS&A training and go-live, comprehensive fee schedule, and department baseline submissions.
July: debt and capital financing strategy, internal department review meetings, water rate study, and lead service line funding discussion.
August: revised department submissions, Manager’s Draft preparation, and formal Manager’s Draft Operating Budget release.
September-October: department presentations and follow-up review of operating, capital, and tax levy assumptions.
November-December: final Finance Committee recommendation, public hearing window, Truth-in-Taxation hearing window, and final budget and levy adoption window.
Timing Considerations
Timing is a central consideration for this item. The calendar coordinates several parallel workstreams: the first and third Thursday Finance Committee cadence at 6:30 p.m.; mid-May Euna Budget training; June BS&A Cloud training and go-live; department baseline submissions in late June; internal department review meetings in July; a Manager’s Draft lock date in mid-August; release of the Manager’s Draft Operating Budget on August 20; department presentations from September through October; and anticipated public hearing, Truth-in-Taxation, budget adoption, and levy adoption milestones in November and December. The calendar should remain flexible enough to adjust for Board direction, system implementation realities, and emerging operating or capital issues.
May 21, 2026 - Finance Committee kickoff discussion
Purpose: Review the strategic financial model, FY2027 budget process, updates on BS&A Cloud and Euna implementation.
May-June, 2026 - Budget kickoff, Euna training, BS&A Cloud transition
Purpose: Launch department work while accounting for major system implementation milestones.
June 29, 2026 - Department baseline submissions due
Purpose: Begin Finance/Manager review of operating requests, personnel changes, fees, and major issues.
July 2026 - Internal department review meetings
Purpose: Review baseline requests and trade-offs with departments.
August 20, 2026 - Manager’s Draft Operating Budget released
Purpose: Begin formal Committee review cycle
September-October 2026 - Department presentations
Purpose: Review major operating areas and service delivery impacts
November-December 2026 - Public hearing, Truth-in-Taxation, budget and levy adoption windows
Purpose: Complete statutory and policy review steps for final action.
Financial Impact
This item has no direct financial impact because it is a scheduling and process item.
Operations Impact
There is no immediate operational impact from approving or discussing the calendar itself. Operationally, the calendar provides departments with clear deadlines for budget instructions, baseline submissions, revised submissions, internal review meetings, and Finance Committee presentation windows. It also acknowledges the workload impacts of implementing Euna Budget and BS&A Cloud during the budget development cycle
DEI Impact
There is no DEI impact associated with this calendar item.
Community Input
The FY2027 Budget Calendar provides a clearer understanding of when major budget topics will be discussed and when public-facing milestones are expected to occur. Topics identified in the calendar include major revenues, fee schedule review, capital financing, water rates, lead service line funding, department presentations, tax levy review, public hearings, and final budget recommendations. Publishing and discussing the calendar early improves transparency and gives residents and stakeholders more time to follow and participate in the process.
Staff Recommendation
There is no formal recommendation associated with this item. Staff recommends that the Finance Committee review the proposed FY2027 Budget Calendar, provide feedback on the proposed meeting cadence and discussion sequence, and use the calendar as the framework for organizing the Committee’s work during the calendar year 2026 budget development cycle for the FY2027 Budget.
Anticipated Future Actions
Following this discussion, Finance staff will refine the FY2027 Budget Calendar as needed and use it to organize the budget process, departmental instructions, internal review meetings, Finance Committee agendas, and Board-facing budget milestones. Future actions anticipated in the calendar include Board review or approval of financial policies, the comprehensive fee schedule, debt and capital financing strategy, the Capital Improvement Plan, the FY2027 Budget, and the tax levy.
Prepared By: Kevin Bueso, Finance, CFO
Reviewed By: James Karsten, Finance, Management Analyst
Approved By: Kevin J. Jackson, Village Manager
Attachment(s):
1. Detailed FY2027 Budget Calendar
2. Presentation Summarizing FY2027 Budget Calendar