Page 456 - Southlake FY23 Budget
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APPEnDIx
                                                                       Financial Policies
                                                                     FInAnCIAL POLICIES


        9.03. Capital Facilities and Property Budget.

        A five (5) year Capital Facilities and Property Budget, which may be revised and extended each year to indicate capital
        improvements pending or in process of construction or acquisition, shall provide the following items:

        (a) A summary of proposed programs;

        (b) A list of all capital facilities and property improvements which are proposed to be undertaken during the five (5)
        fiscal years next ensuing, with appropriate supporting information as to the necessity for such improvements;

        (c) Cost estimates, method of financing and recommended time schedules for each such improvement with the
        estimated effect on the tax levy, and;

        (d) The estimated annual cost of operating and maintaining the facilities to be constructed or acquired over the five
        (5) year period.

        9.04. Submission.

        The City Manager shall submit to the Council a proposed budget and accompanying message on or before the
        fifteenth day of August of each year. The Council shall review the proposed budget and revise it as deemed
        appropriate prior to the general circulation for public hearing.
        (Amended on May 5, 2001)


        9.05. Public Notice and Hearing.

        The public notice and hearing shall be held in accordance with state law.
        (Amended on January 19, 1991; Amended on November 6, 2007).
        Editors Note: Notice of public hearings is required in V.T.C.A., Local Government Code §§ 102.006(c) and 102.0065.

        9.06. Amendment before Adoption.


        After the public hearing, at a regular or special meeting, the Council may adopt the budget with or without
        amendment. In amending the budget, it may add or increase any 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 deficit,
        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.


        9.07. Adoption.

        The Council shall adopt the budget by ordinance not later than the 30th day of September. Adoption of the budget
        will require an affirmative vote of at least four of all the members of the Council. Adoption of the budget shall
        constitute appropriations of the amount specified therein as expenditures from the fund indicated, and shall
        constitute a levy of the property tax therein proposed.

        9.08. Defect Shall Not Invalidate Tax Levy.

        Errors or defects in the form or preparation of the budget or the failure to perform any procedural requirements shall
        not nullify the tax levy or the tax rate.







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