RES102003A - Laserfiche WebLink

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Budget Process The City Council follows these procedures in establishing thc budgetary data reflected in the general purpose financial statements: 1. City department heads prepare departmental operating budgets and the Director of Finance makes revenue projections on or before January 31. 2. Departmental meetings are conducted during the month of February with thc City Manager and thc Director of Finance to allow the departments to support their budgets. 3. Preliminary budget summaries of revenues and expenditures/expenses are prepared for review by the City Manager. 4. Final budget decisions are made by the City Manager by March 20. $. A proposed budget is submitted to the City Council by April 18. 6. A public hearing to obtain taxpayer comments on the budget is held by the City Council during the month of May. 7. Prior to July 1, the budget is legally enacted. Projected expenditures cannot exceed estimated revenues plus fund balances at the beginning of the year. 8. Budgetary control is exercised by the City Council at the object level for an office, department or agency, which is also the legal level of control. All unexpended appropriations lapse at year-end. The budget amounts included in the general purpose financial statements are as originally adopted or amended by the City Council, pursuant to state statutes. The City Council may, by resolution at any time upon recommendation of a department head through the City Manager, transfer any unencumbered appropriation balance or portion thereof from one classification of expenditures to another within an office, department or agency. At the request of the City Manager, the City Council may, by resolution, transfer any unencumbered appropriation balance or portion thereof from one office, department or agency to another. No transfer shall be made of specified fixed appropriations. The City Council adopts modified accrual basis annual budgets for the General Fund, Special Revenue - Library Fund and Special Revenue - Sewer Lateral Fund. The General Fund In accordance with established accounting procedures of govemmental units, the City records its financial transactions under various funds. The largest is the General Fund, from which all general operating expenses are paid and to which taxes and all other revenues not specifically allocated by law or contractual agreement to other funds are deposited. The following table sets forth the revenues, expenditures and fund balances for the City's General Fund for the last three fiscal years: -15-