Page 75 - City of Westlake FY20 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. 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.

The Town Manager may request that the
•Budget Amendment is requested
current year budget be amended. In this
1. •Forwarded to Finance department
process, the Town Manager will review
the documentation and draft an
ordinance to formally amend the current •Finance Director reviews
budget. This ordinance is presented to 2. •If approved - forward to Town Manager
the Town Council for consideration.
•Town Manager reviews
Following the consideration of the
3. •If approved - forward to Town Council
proposed amendment, the Town Council
will vote on the amendment ordinance.
If the amendment is approved, the •Town Council reviews for approval
4.
necessary budget changes are then
made. All budget amendments will be
approved by the Town Council prior to
•Finance enters budget amendment
the expenditure of funds in excess of the 5.
previously authorized budgeted amounts
within each fund.

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