South Bend Mayor Pete Buttigieg presented the administration’s initial budget for fiscal year 2016 to the South Bend Common Council during the council’s meeting Monday night, Aug. 17.

The $306 million budget proposes to balance the general fund, according to a news release from Buttigieg’s office.

The spending plan uses built-up cash reserves to maintain public safety. The budget also funds the continued work of the mayor’s 1,000 Houses in 1,000 Days and Smart Streets initiatives, according to the news release.

“Our proposed budget works to ensure that everyone shares in the city’s progress on jobs, safety, and quality of life while relying on technology and efficiency to serve residents within financial constraints,” Buttigieg said.

Despite economic growth, the city faces fiscal pressures from state policies beyond its control, especially from property tax caps regulated by Indiana’s Circuit Breaker law.

The proposed 2016 budget is slightly lower than the 2015 budget of $311.4 million.

The budget is scheduled to go to the South Bend Common Council for first reading on Aug. 24 and a public hearing on Sep. 28. It could be adopted Oct. 12.

By state law, South Bend’s 2016 budget must be passed by Nov. 2.

Check out the full presentation of the budget on the city of South Bend’s website.

EDITOR’S NOTE: Due to a source error, the original version of this story listed an incorrect date for the first reading of the 2016 budget. The story has been updated and is now correct.