Page 34 - CITY OF AZLE, TEXAS

l. A schedule of requirements for the principal and interest of each issue
of bonds.
m. The appropriation ordinance.
n. The tax levying ordinance.

3. The City Manager shall present the several items of revenue, including the
actual amount for each item for the last fiscal year, and estimated amounts for
the ensuing fiscal year. Also, actual amount of expenditure items for the last
completed fiscal year, the estimated amount for the current fiscal year, and
the proposed amount for the ensuing fiscal year shall be presented.

4. At least one public hearing shall be conducted before the Council, allowing
interested citizens to express their opinions concerning any item or the
amount of any item therein contained.

5. Following the public hearing, the City Council may insert new items or may
increase or decrease the items of the budget, except items in proposed
expenditures, it shall provide for increase in the total anticipated revenues to
at least equal such proposed expenditures.

6. The budget shall be finally adopted not later than fifteen days prior to the
beginning of the fiscal year, and should the City Council fail to so adopt the
budget, the then existing budget together with the with the tax-levying
ordinance and its appropriation ordinance shall be deemed adopted for the
ensuing fiscal year.

7. Upon final adoption, the budget shall be in effect for the fiscal year. A copy of
the budget, as finally adopted, shall be filed with the person performing the
duties of City Secretary, the County Clerk of Tarrant and Parker Counties,
and the State Comptroller of Public Accounts at Austin. The final budget shall
be printed, mimeographed, or otherwise reproduced and copies shall be
made available for the use of all offices, departments and agencies and for
the use of interested persons and civic organizations.

BASIS OF ACCOUNTING AND BUDGETING

1. The City finances shall be accounted for in accordance with generally accepted
accounting principles as established by the Governmental Accounting Standard
Board.

a. The accounts of the City are organized and operated on the basis of funds
and account groups. Fund accounting segregates funds according to their
intended purpose and is used to aid management in demonstrating
compliance with finance-related legal and contractual provisions. The
minimum number of funds maintained is consistent with legal and
management requirements. Account groups are a reporting device to

City of Azle FY 2023-2024 Budget 23