Page 59 - Hurst Adopted FY22 Budget

APPROVED FISCAL YEAR 2022 BUDGET

MULTI-YEAR FINANCIAL PLAN

Multi-year projections have become an integral part of the budget process as estimates of future financial
operating conditions are provided to the City Council. Historical data, as reconciled to the ACFR, plus growth
assumptions for each line item are combined to provide projections that indicate the City’s future fiscal po-
sition. The multi-year projections identify any potential problem in matching projected revenues with antici-
pated growth in expenditures. One important result of the multi-year financial overview has been the ability
to project when tax supported bonds can be sold while stabilizing the tax rate, therefore, drawing together
the operating budgets and the Capital Improvements Program. Also, alternative tax rate strategies have been
addressed during recent Multi-Year Financial Reviews, which assisted in balancing future budgets.

PUBLIC HEARING AND BUDGET ADOPTION

On August 13, the City Council reviewed the Preliminary Budget and set a time and place for the Public
Hearing. The City Council voted on and approved the budget on September 28. After the budget’s adoption,
monthly financial reports are issued so that the budget can be monitored and controlled during the fiscal year.

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