The Irvine City Council voted unanimously at its meeting on Tuesday to enhance long-term financial planning by transitioning from an annual budget cycle to a two-year budget cycle.
The two-year budget cycle, beginning fiscal year 2019-20, will be developed in the context of a comprehensive five-year financial plan. A two-year budget promotes transparency, brings increased accountability to government spending, greater stability, and allows for long-term strategic planning. The process provides for enhanced long-term planning and sets spending levels for a two-year period.