Page 388 - City of Westlake FY20 Budget
P. 388

Section 11 Municipal Policies
                                                          Municipal Fiscal & Budgetary Policies


                     B.  Revenue Estimates for Budgeting: In order to maintain a stable level of services, the Town shall
                         use a conservative, objective, and analytical approach when preparing revenue estimates. The
                         process shall include analysis of probable economic changes and their impacts on revenues,
                         historical collection rates, and trends in revenues. This approach should reduce the likelihood of
                         actual revenues falling short of budget estimates during the year and should avoid mid-year
                         service reductions.

                     C.  Balanced Budget:  As per State Law, current operating revenues, including Property Tax
                         Reduction Sales Tax transfers (which can be used for operations), will be sufficient to support
                         current operating expenditures.  Annually recurring revenue will not be less than annually
                         recurring operating budget expenditures (operating budget minus capital outlay).   Debt or bond
                         financing will not be used to finance current expenditures.

                     D.  Proposed Budget Process: a proposed budget shall be prepared by the Town Manager with the
                         participation of all of the Town’s department directors.
                         •  The proposed budget shall include four basic segments for review and evaluation: (1)
                            personnel costs, (2) base budget for operations and maintenance costs, (3) service level
                            adjustments for increases of existing service levels or additional services, and (4) revenues.
                         •  The proposed budget review process shall include Council participation in the review of each
                            of the four segments of the proposed budget and a public hearing to allow for citizen
                            participation in the budget preparation.
                         •  The proposed budget process shall allow sufficient time to provide review, as well as address
                            policy and fiscal issues, by the Town Council.
                         •  A copy of the proposed budget shall be filed with the Town Secretary when it is submitted to
                            the Town Council as well as placed on the Town’s website.

                     E.  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 adopted budget will be effective for the
                         fiscal year beginning October 1.  The approved budget will be placed on the Town’s web site.

                     F.  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.

                     G.  Budget Amendments: Department Directors are responsible for monitoring their respective
                         department budgets.  The Finance Department will monitor all financial operations.  The budget
                         team will decide whether to proceed with a budget amendment and, if so, will then present the
                         request to the Town Council.  If the Council decides a budget amendment is necessary, the
                         amendment is adopted in resolution format and the necessary budgetary changes are then
                         made.






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