Page 51 - City of Bedford FY21 Budget

publicize a public hearing. The Council will subsequently adopt by Ordinance such budget as it
may have been amended as the City’s Annual Budget, effective for the fiscal year beginning on
the first day of October.

PLANNING. The budget process will be coordinated so as to identify major policy issues for
City Council consideration several months prior to the budget approval date so that proper
decision analysis can be made.

REPORTING. Periodic financial reports will be prepared to enable the Department Directors to
manage their budgets and to enable the Administrative Services Director to monitor and control
the budget as authorized by the City Manager.

AMENDING. In case of grave public necessity, emergency expenditures to meet unusual and
unforeseen conditions which could not, by reasonable diligent thought and attention, have been
included in the original budget may, from time to time, be authorized, upon the affirmative vote
of a majority of the full membership of the council, including the mayor as a voting member, as
amendments or supplements to the original budget. Such supplements and amendments shall be
approved in an ordinance and shall be filed with the original budget. (See Section 4.09 of the
City Charter)

IV. REVENUE MANAGEMENT

The City will strive for the following optimum characteristics in its revenue system:

SIMPLICITY. The City, where possible and without sacrificing accuracy, will strive to keep
the revenue system simple in order to reduce compliance costs for the taxpayer or service
recipient. A corresponding decrease in the City’s costs for collection and a reduction in
avoidance to pay will thus result.

CERTAINTY. A knowledge and understanding of revenue sources increases the reliability of
the revenue system. The City will understand its revenue sources and enact consistent collection
policies to provide assurances that the revenue base will materialize according to budgets and
plans.

EQUITY. The City shall require that there be a balance in the revenue system; i.e., the revenue
base will have the characteristic of fairness and neutrality as it applies to cost of service,
willingness to pay, and ability to pay.

ADMINISTRATION. The benefits of a revenue type will exceed the cost of producing the
revenue. The collection process will be reviewed periodically for cost effectiveness as a part of
the indirect cost and cost of service analysis.

DIVERSIFICATION AND STABILITY. In order to protect from fluctuations in a revenue
source due to fluctuations in the economy and variations of other factors, a diversified revenue
source will be pursued and maintained as a stable source of income.

CONSERVATIVE ESTIMATION OF REVENUE. In order to mitigate the effects of

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