Page 42 - FY 2023-24 ADOPTED BUDGET
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BASIS OF BUDGETING
Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual appropriated budgets are
adopted for the General Fund and Debt Service Funds. All appropriations for the General Fund and Debt Service Fund lapse
at the end of the fiscal year (September 30). Project length financial plans are approved by City Council for all Capital Projects
Funds and Special Revenue Funds.
Encumbrances represent commitments related to underperformed contracts and agreements for goods and services.
Encumbrance accounting – under which purchase orders, contracts, and other commitments for the expenditure of resources
are recorded to reserve that portion of the applicable appropriation – is utilized in the governmental funds.
All information presented in the 2023-24 Budget is presented on a basis consistent with the City's established accounting
policies.
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