Page 258 - ArlingtonFY24AdoptedBudget

Appendices

FINANCIAL POLICIES

Accounting, Budgeting, and Financial Reporting
1. The City will maintain its accounting records in accordance with state and federal laws and regulations. The City will report
its financial condition and results of operations in accordance with generally accepted accounting principles as set forth by
the Governmental Accounting Standards Board.

In Compliance: Yes Comments: FY 2022 Annual Comprehensive Financial Report was issued March 16, 2023, with
an unmodified “clean” opinion.

2. An independent certified public accounting firm will annually perform the City’s financial and compliance audits in
accordance with required applicable laws, regulations, and standards. The audit reports (and management letters, if issued)
will be issued no later than 6 months following the fiscal year end.

In Compliance: Yes Comments: The City’s financial and compliance audits were complete in accordance with
applicable requirements.

3. The audit opinion will be presented as part of the Annual Financial Report and will be issued no later than 6 months following
fiscal year end.

In Compliance: Yes Comments: Audit opinion is included in the FY 2022 Annual Comprehensive Financial Report.

Budget and Financial Planning

1. The City shall prepare an Annual Operating budget and submit it to the City Council in August, providing adequate time for
Council’s consideration prior to approval and adoption by Sept. 15 and in accordance with V.T.C.A, Local Government
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Code, Sections 102.001 et seq.

In Compliance: Yes Comments: The FY 2023 Proposed Budget was presented to Council on August 2 and adopted
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by two readings of the ordinance on September 6 and 13 .
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2. The Annual Operating Budget shall be prepared such that recurring revenues plus net operating transfers will be sufficient
to support recurring expenditures.

In Compliance: Yes Comments: The FY 2023 Budget balanced with recurring revenues and net operating transfers
supporting recurring expenditures in all funds.

3. Budgets are adopted at the fund level and expenditures from all operating funds shall not exceed the budgeted
appropriations (as amended) for these funds. Internal service funds are considered an exception, where available balances
are a result of expenditures that were lower than adopted and budgeted in prior years.

In Compliance: Yes Comments: Expenditures under budget in all funds in FY 2022.

FY 2024 Adopted Budget and Business Plan 249 City of Arlington, Texas