Page 28 - Forest Hill FY22 Annual Budget

Fore�Hill

The operating budget shall be linked to Financial and Strategic Plans.

The City Manager will prepare and present the City's annual operating budget to City Council for
its approval. The City Council has the final responsibility for adopting the budget and for
making the necessary appropriations.

The annual adopted budget shall be comprehensive in scope and include all annually budgeted
operating funds

The Adopted operating budget shall appropriate sufficient funds for operations to maintain
existing quality and scope of City Services.

The basis of budgeting shall be modified accrual in the Governmental Funds and modified
accrual (working capital) in the proprietary funds.

An annual budget calendar shall be prepared including statutory public meeting and notice
requirements.

Specific City Council action shall be required to amend the operating budget.

Where possible, the City will integrate performance measurement, service level, and productivity
indicators in the City's published budget document.

Capital Budget Policies

Non-recurring capital expenditures are budgeted as debt funded or operating accounts if minor.

Operating expenditures that are incurred from non-recurring capital expenditures are included
and anticipated in each operating fund's budget.

Definition of a capital project- a capital asset expected to have a useful life greater than two years
and an estimated cost of $5,000 or more. Capital projects include the following:

Construction, purchase, or major renovation of buildings, utility systems, streets, intersections, or
other structure.

Purchase of land or land rights and major landscaping projects; any engineering study or master
plan needed for the delivery of a capital project;

Any major repair, renovation or replacement that extends the useful operational life by at least
two years or expands capacity of an existing facility.

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