Page 40 - Microsoft Word - Budget FY 19
P. 40

CITY OF FOREST HILL

                   repair needs. City staff will analyze, and when necessary, include operating
                   budget impact statements in the CIP.

                     Utility Rates


                   Utility rates will be reviewed annually to adjust operating revenues to meet
                   operating costs and changes in contractual services.
                     Budget Administration

                   City departments will regularly review programs and services to adjust service
                   levels and operating costs.

                   All departments will be responsible for exploring the available grant opportunities
                   and seek those matching City needs.

                     Basis of Presentation

                   City accounts are organized on the basis of fund and account groups, each of
                   which is considered a separate accounting entity.

                     Governmental Funds Types

                   The General Fund is used to account for financial resources used for general
                   operations. This is a budgeted fund and any fund balances are considered
                   resources available for current operations. All revenues and expenditures not
                   required to be accounted for in other funds area are accounted for in this fund.
                   The General Fund appropriations are adopted as part of the annual budget
                   process. The General Fund is accounted and budgeted on the modified accrual
                   basis.

                   Special Revenue Funds are used to account for resources restricted to, or
                   designated for, specific purposes by a grantor. Federal and state financial
                   assistance generally is accounted for in a Special Revenue Fund. Normally,
                   unused balances are returned to the grantor at the close of specified project
                   period. Special Revenue Funds appropriations are adopted as part of the annual
                   budget process.

                   The Debt Service Fund is used to account for tax revenues and for the payment
                   of principal, interest, and related costs on long-term debts for which a tax has
                   been dedicated. Any unused sinking fund balances are used to lower outstanding
                   bonds. The Debt Service Fund appropriations are adopted as part of the annual
                   budget process. Debt Service Funds are accounted for and budgeted on the
                   modified accrual basis.

                   Capital Projects Funds are used to account for capital outlay projects financed
                   from general debt issued by the City. Capital Project Funds are not part of the
                   annual budget process. Capital Project Fund appropriations require specific





                                                                                                                33
   35   36   37   38   39   40   41   42   43   44   45