Page 148 - Haltom City Budget FY21

CITY OF HALTOM CITY aNNUAL BUDGET, FY2021 SUPPLEMENTAL INFORMATION

Annual/Interim Reporting. Annual reporting will be completed within the guidelines set forth in the
Governmental Accounting and Auditing Financial Review and under the standards promulgated by
the Governmental Accounting Standards Board. Interim activity reports will be made available to
council and management each month. Financial systems will be maintained to monitor expenditures
and revenues on monthly basis with a thorough analysis and adjustment (as required) at the end
of each quarter. Budgets for all funds are adopted on basis consistent with generally accepted
accounting principles (GAAP). Annual appropriated budgets are adopted for most funds. All annual
appropriations remain open for 60 days subsequent to year-End.

The City will strive to maintain accounting policies and practices in the preparation of its annual
financial report. The report will be presented to the Government Finance Officers Association for
review of qualifications that meet those necessary to obtain the Certificate of Achievement for
Excellence in Financial Reporting. In addition, the City will submit its annual budget to GFOA for
review to receive the Distinguished Budget Presentation Award.

Staffing. Staffing levels shall be adequate for the departments of the City to function effectively.
Overtime shall be used only to address temporary or seasonal demands that require excessive
hours. Possible ways to increase efficiency shall be explored before adding staff. However,
the staffing levels shall not be inadequate or marginal such that the City’s internal controls are
jeopardized.

Revenue Objectives

Revenue System. The City shall strive to operate a revenue system that is simple and reliable so
assurances can be provided that the revenue base will materialize according to budget planning.
Consistent monitoring and collection policies will be maintained to ensure the integrity of the
revenue system. Revenue collections will be consolidated under the finance department.

Revenue Analysis. Monthly reports shall be prepared to compare actual revenues to budget and
to determine the variances and associated corrective action necessary. These reports will be
presented to the City Council in open session.

Fee Schedule. The City will maintain a centralized list of fees adopted by ordinance and updated
annually by resolution. Each year the City will review its fee structure to ensure that revenue
collections are adequate to meet corresponding expenditures (cost of service concept). Such
reviews will be conducted in concert with the budget preparation process.

Administrative/Internal Services. The Enterprise Funds, being the Water & Sewer Fund and the
Drainage Utility Fund, engage in transactions with other funds of the City. All services rendered by
this fund for other funds of the governmental jurisdiction should be billed at predetermined rates,
and all services received by this fund from other funds should be paid for on the same basis that
other users are charged.

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