Page 67 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

Section 2 Financial Analysis
Budget 101 Overview

BUDGET ADOPTION:

Upon the determination and presentation of the final iteration of the proposed budget as
established by the Council, a public hearing date and time will be set and publicized. The
Council will subsequently consider a resolution which, if adopted, such budget becomes the
Town’ s Approved Annual Budget. The Council adopts the budget in September prior to
beginning the fiscal year which runs from October 1st to September 30th. The approved budget
will be placed on the Town’ s web site.

BUDGET AWARD:

Each year the Council approved operating budget will be submitted annually to the
Government Finance Officers Association ( GFOA) for evaluation and consideration for the
Award for Distinguished Budget Presentation.

BUDGET AMENDMENT PROCESS

Department Directors are responsible for
monitoring their respective department budgets. Budget Amendment is requested
The Finance Department will monitor all financial 1. Forwarded to Finance department
operations. The budget team will decide whether
Finance Director reviews
to proceed with a budget amendment and, if so,
2. If approved - forward to Town Manager
will then present the request to the Town Council. If
the Council decides a budget amendment is Town Manager reviews
necessary, the amendment is adopted in resolution 3. If approved - forward to Town Council
format and the necessary budgetary changes are
then made. Town Council reviews for approval
4.•
The Town Manager may request that the current
Finance enters budget amendment
year budget be amended. In this process, the 5.•
Town Manager will review the documentation and
draft an ordinance to formally amend the current
budget. This ordinance is presented to the Town Council for consideration.

Following the consideration of the proposed amendment, the Town Council will vote on the
amendment ordinance. If the amendment is approved, the necessary budget changes are
then made. All budget amendments will be approved by the Town Council prior to the
expenditure of funds in excess of the previously authorized budgeted amounts within each fund.

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