Page 35 - CityofColleyvilleFY23AdoptedBudget

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 (http://www.colleyville.com/)) (http://www.colleyville.com/).

ANNUAL BUDGET (Section 9.02): The budget shall provide a complete nancial 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 scal terms and in terms of work programs shall be submitted
with the budget. It shall outline the proposed nancial policies of the City for the ensuing scal year, describe the
important features of the budget, and indicate any major changes from the current year in nancial 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 scal 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 de cit, 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 scal 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 certi ed public accountant.

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

DEBT ISSUANCE POLICY (Section 9.07):

GENERAL OBLIGATION BONDS: The City shall have the power to borrow money on the credit of the City and to issue
general obligation bonds for permanent public improvements or for any other public purpose not prohibited by the
Constitution and laws of the State of Texas, and to issue refunding bonds to refund outstanding bonds of the City
previously issued. All such bonds shall be issued in conformity with the laws of the State of Texas.

REVENUE BONDS: The City shall have the power to borrow money for the purpose of constructing, purchasing,
improving, extending, or repairing of public utilities, recreational facilities or any other self-liquidating function not
prohibited by the State of Texas, and to issue revenue bonds to evidence the obligation created thereby. Such bonds shall
be a charge upon and payable from properties, or interest therein pledged, or the income there from, or both. The
holders of the revenue bonds shall never have the right to demand payment thereof out of monies raised or to be raised
by taxation. All such bonds shall be issued in conformity with the laws of the State of Texas.

BONDS INCONTESTABLE: All bonds of the City having been issued and sold and having been delivered to the purchaser
thereof, shall thereafter be incontestable and all bonds issued to refund in exchange for outstanding bonds previously
issued shall and after said exchange, be incontestable.

City of Colleyville | Budget Book 2023 Page 35