Page 319 - City of Colleyville FY22 Adopted Budget

FINANCIAL POLICIES

The City of Colleyville’s Financial Policies include several components:

• adopted Investment Policy (attached),
• adopted Fund Balance Policy (attached),
• City of Colleyville Charter requirements,
• Bond covenants (if any), and
• State of Texas law.

Key sections of the City’s Charter requirements are highlighted below; the complete
Charter document is available on the City’s website (www.colleyville.com).

ANNUAL BUDGET (Section 9.02): The budget shall provide a complete financial
plan of all City funds and activities and, except as required by law or this Charter,
shall be in such form as the City Manager deems desirable or the Council may
require. A budget message explaining the budget both in fiscal terms and in terms
of work programs shall be submitted with the budget. It shall outline the proposed
financial policies of the City for the ensuing fiscal year, describe the important
features of the budget, and indicate any major changes from the current year in
financial policies, expenditures, and revenues, with reason for such change. It shall
also summarize the City’s debt position and include such other material as the City
Manager deems advisable. The budget shall begin with a clear, general summary
of its contents, shall show in detail all estimated income, indicating the proposed
property tax levy, and all proposed expenditures for the ensuing fiscal year.

AMENDMENT BY COUNCIL BEFORE ADOPTION (Section 9.02D): After public
hearings, the Council may adopt the budget with or without amendment. It may
add or increase programs or amounts and may delete or decrease any programs or
amounts, except expenditures required by law or for debt service or for estimated
cash deficit, provided that no amendment to the budget shall increase the
authorized expenditures to an amount greater than the total of estimated income
plus funds available from prior years.

BALANCED BUDGET (Section 9.02): The proposed budgeted expenditures shall not
exceed the total of estimated income.

ANNUAL AUDIT (Section 9.06C): At the close of each fiscal year and at such times
as may be deemed necessary, the City Council shall cause an independent audit to
be made of all accounts of the City by a certified public accountant.

FINANCIAL REPORTS (Section 9.06B): The City Manager shall submit to the
Council at its second formal meeting each month the financial condition of the City
by budget items, budget estimates versus accruals for the preceding month and for
the fiscal year to date.

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