Page 517 - Southlake FY22 Budget

APPEnDIX

FInAnCIAL POLICIES

CiTy Of sOuThlake CharTer

ChaPTer ix - finanCe

A.

BUDGET

9.01. Fiscal Year.

The fiscal year of the City shall begin on the first day of October and end the last day of September of each calendar
year. Such fiscal year shall also constitute the Budget and Accounting Year.

9.02. Annual Budget.

Operating Budget. The operating 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 the 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 changes. 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, property
value to which it is to be applied, and all proposed expenditures, including debt service, for the ensuing fiscal year.
The proposed budget expenditures shall not exceed the total of estimated income and unencumbered funds from
previous years. The budget message shall be so arranged as to show comparative figures of the prior year, actual and
estimated income, and expenditures of the current fiscal year, all compared to the estimate of the budgeted year. It
shall include in separate sections:

(a) An itemized estimate of the expense of conducting each department, division and office;

(b) Reasons for proposed increases or decreases of such items of expenditure compared with the current and prior
fiscal year;

(c) A separate schedule for each department, indicating tasks to be accomplished by the department during the year,
and additional desirable tasks to be accomplished if possible;

(d) A statement of the total probable income of the City from taxes for the period covered by the estimate;

(e) Tax levies, rates, property values, and collections for the preceding five (5) years;

(f) An itemization of all anticipated revenue from sources other than the tax levy;

(g) The amount required for interest on the City’s debts, for sinking fund and for maturing serial bonds;

(h) The total amount of outstanding City debt, with a schedule of maturities on bond issues;

(i) Anticipated net surplus or deficit for the ensuing fiscal year of each utility owned or operated by the City and
the proposed method of its disposition; subsidiary budgets for each utility giving detailed income and expenditure
information shall be attached as appendices to the budget; and

516 FY 2022 City of Southlake | BUDGET BOOK
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