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APPROVED BUDGET FISCAL YEAR 2022-2023

BUDGET TYPE

For each operational fund, the 2020-2021 Budget is a program budget prepared on a line item
basis. The comprehensive budgetary process requires line item justification by departments each
year. The City Manager then presents budget programs and special issues to the City Council, but
line item justifications are available for all budgetary requests if needed. The approved
operational budgets are included in the Annual Comprehensive Financial Report (ACFR) for
comparison purposes. Any excess revenues over expenditures for the General Fund are
transferred to the Special Projects Fund at the end of the fiscal year to purchase unfunded budget
needs approved by the City Council.

BOND RATING INFORMATION

Each year the City evaluates our current debt position, future capital needs that are likely to be
funded through bonds, and any refunding opportunities. The City has a history of issuing
refunding bonds when the terms provide savings and creates capacity in the existing portion of
our tax rate dedicated to debt service. The City has frequently issued Sales Tax Revenue
Refunding Bonds and General Obligation Refunding Bonds. Proceeds from the sale of these bonds
were used to refund, or “refinance,” outstanding debt in order to achieve savings for the City.
Such financial management has allowed the City to maintain extremely favorable ratings from
bond rating agencies.

In 2021, the City recently issued General Obligation Refunding Bonds and in 2022 Issued
Certificates of Obligation to support critical streets and drainage infrastructure. Through the
process of issuing debt, the City undergoes a bond rating process to establish the City’s credit
rating and cost of borrowing. The City’s most recent ratings are as follows:

Moody’s Investor Services Standard & Poors

General Obligation Bonds Aa2 AA

Water & Sewer Obligations Aa2 AA

Half Cent Sales Tax Bonds Aa3 AA

DISTINGUISHED BUDGET PRESENTATION AWARD

GFOA established the Distinguished Budget Presentation Awards Program in 1984 to recognize
exemplary budget documentation by state and local governments as well as public universities
and colleges. Entities participating in the program submit copies of their operating budget to
GFOA for review within ninety days after budget adoption. After a preliminary screening, eligible
budgets are sent to three independent reviewers who are members of GFOA's Budget Review

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