Page 83 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

Section 2 Financial Analysis
Budget 101 Overview

Very soon, GFOA will be recommending that all governments include the following policies that
guide the development of their budget and that are central to a strategic long term approach
to financial management.

1. Operating Budget Policy
already incorporated into the Fiscal and Budgetary Policies)
This section of the Fiscal and Budgetary Policies will also be updated to include the
following policies that guide the development of the budget and are central to a
strategic approach to our financial management.

These components will need to be reviewed, updated if necessary, and/ or added and
approved by the Board of Trustees in subsequent years.
1. Basis of Budgeting
2. Budget Adoption
3. Budget Classification and Format
4. Organization of the Budget
5. Budget Message Requirement
6. Funds Budgeted
7. Length of the Budget Year
8. Presentation of Proposed Budget
9. Revenue Forecasting Requirements
10. Expenditure Forecasting Requirements
11. Performance Measurements
12. Line-Item Transfer Authority
13. Retention of Budget Record

2. Capital Asset Management
already incorporated into the Fiscal and Budgetary Policies)
Town of Westlake operates an extensive amount of buildings, equipment, furniture, and
vehicles. This purpose of this policy is to:
o provide a management framework to ensure that all capital assets are repaired,
maintained, and replaced and
o to identify the responsible parties who shall protect, oversee and report needed
repairs.

3. Budget Crisis Procedures
will need to be reviewed and discussed)
This policy would be intended to provide the Town of Westlake with options when
responding to unexpected fiscal issues that can and do arise. Should budget problems
materialize, these procedures will support comprehensive risk analysis and contingency
plans.

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