Title
Report on the New Format of the Monthly Financial Report and Discuss the 2027 Budget Calendar
Recommended Action
Committee Recommendation:
The Finance Committee met on Monday, May 20th and reviewed the Monthly Financial Report and expressed support for this new tool.
City Manager Recommendation:
Receive a presentation on the new format for the monthly financial report and discuss the timeline for the 2027 Council Budget Calendar.
Report
Issue:
Whether to receive a presentation on the new format for the monthly financial report and discuss the 2027 Council Budget Calendar.
Staff Contact:
Mike Githens, Finance Director, 360-753-8465
Presenter(s):
Mike Githens, Finance Director
Background and Analysis:
The Finance Department creates a monthly financial report detailing the revenue and expenses across the City’s funds as compared with the adopted budget. Since the implementation of Workday, the report has been a static seventy plus page document that didn’t allow users to interact dynamically with the data. Finance developed a more interactive monthly financial report using Microsoft Power BI.
The Monthly Financial Report has a summary page detailing a high-level synopsis of operating budget financial indicators, a “watch list” page of specific areas being monitored by the City Manager and Finance Director, and information on individual fund revenue and expenditures. Staff will demonstrate how the Council and community members can access and view the Monthly Financial Report.
Staff will also present the 2027 Council Budget Calendar.
Climate Analysis:
This agenda item is expected to result in no impact to greenhouse gas emissions.
Equity Analysis:
One of the goals of the City’s budget process is to ensure that city services are provided equitably to our residents and business communities, as well as the greater Olympia community. This agenda item is not expected to further impact known disparities in our community.
Neighborhood/Community Interests (if known):
Members of the community have expressed interest in having improved transparency of the City’s finances.
Options:
Discussion Only - No Action Required
Financial Impact:
There is no financial impact resulting from this report.
Attachments:
Monthly Financial Report Webpage
Council Budget Calendar