The City of Westlake Village's Administrative Services Department develops and prepares the budget for approval by the City Council. The budget development process begins in the fall and goes through multiple iterations before adoption by the Council. Each budget begins on July 1st and ends on June 30th of the following year. The City Council approves and can modify the budget in an open public hearing each year before the end of the fiscal year.
The Annual Financial Report is a compilation of financial records and statements from the previous fiscal year. This report explores the City's current spending, assets, debt services, and a forecast for the financial situation.
Fiscal Year 2023-2024 Budget
Each year, the City Council holds a goal-setting study
session to identify and prioritize goals that will be included in the City’s
work plan and serve as a guideline for developing the City’s annual budget. The
City Council’s goals serve as a road map to achieving the City’s 2025 Strategic
Plan vision. That vision underscores the City’s commitment to: “Providing a
safe and welcoming community; ensuring a high quality of life for its
residents; preserving and enhancing the unique physical character of the
community; fostering an inclusive and informed citizenry; meeting service
demands through quality customer service with a commitment to excellence and
innovation; and, promoting a prosperous economic environment.”