Page 155 - CityofHaltomFY24Budget

City Of Haltom City Annual Budget, Fy2024 Supplemental Information City Of Haltom City Annual Budget, Fy2024 Supplemental Information

Annual/Interim Reporting. Annual reporting will be completed within the guidelines set forth in the Administrative/Internal Services. The Enterprise Funds, being the Water & Sewer Fund and the
Governmental Accounting and Auditing Financial Review and under the standards promulgated by Drainage Utility Fund, engage in transactions with other funds of the City. All services rendered by
the Governmental Accounting Standards Board. Interim activity reports will be made available to this fund for other funds of the governmental jurisdiction should be billed at pre-determined rates,
council and management each month. Financial systems will be maintained to monitor expenditures and all services received by this fund from other funds should be paid for on the same basis that
and revenues on monthly basis with a thorough analysis and adjustment (as required) at the end other users are charged.
of each quarter. Budgets for all funds are adopted on basis consistent with generally accepted Franchise Fees. The Enterprise Funds will pay a franchise fee based on the same rationale as
accounting principles (GAAP). Annual appropriated budgets are adopted for most funds. All annual
appropriations remain open for 60 days subsequent to year-end. used with the electric, gas, and telephone companies. A franchise fee is paid to compensate the
City for public property, street and alley usage.

The City will strive to maintain accounting policies and practices in the preparation of its annual
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([FHOOHQFH LQ )LQDQFLDO 5HSRUWLQJ In addition, the City will submit its annual budget to GFOA for
review to receive the 'LVWLQJXLVKHG %XGJHW 3UHVHQWDWLRQ $ZDUG Interim Reporting. 4XDUWHUO\ reports shall be prepared showing actual expenditures compared
to RULJLQDO EXGJHW (DFK PRQWKO\ UHSRUW ZLOO FRQWDLQ DQ H[HFXWLYH VXPPDU\ GLVFORVLQJ
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WR WKH &LW\ Council in open session.
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Overtime shall be used only to address temporary or seasonal demands that require excessive
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categories, inter-fund totals, or overall budget increases shall be done only with City Council
Revenue Objectives
consent, after a public hearing held in accordance with the City Charter and applicable State law.
Revenue System. The City shall strive to operate a revenue system that is simple and reliable so
assurances can be provided that the revenue base will materialize according to budget planning.
Consistent monitoring and collection policies will be maintained to ensure the integrity of the Performance Measures. Performance measures and productivity indicators shall be used as
UHYHQXH V\VWHP 5HYHQXH FROOHFWLRQV ZLOO EH FRQVROLGDWHG XQGHU WKH ILQDQFH GHSDUWPHQW expenditure guidelines. The measures will be illustrative of departmental and organizational goals.
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be included in the annual budgeting process and in the approved budget document. Further,
Revenue Analysis. 4XDUWHUO\ reports shall be prepared to compare actual revenues to budget performance and productivity data will be reported to the City Council periodically throughout the
and to determine the variances and associated corrective action necessary. These reports ¿VFDO \HDU
will be presented to the City Council in open session.

Purchasing 3XUFKDVHV RYHU VKDOO FRQIRUP WR D IRUPDO ELGGLQJ SURFHVV DV GH¿QHG E\ WKH
Fee Schedule. The City will maintain a centralized list of fees adopted by ordinance and updated laws of the State of Texas and ordinances of the City of Haltom City. Recommendation of bids
annually by resolution. Each year the City will review its fee structure to ensure that revenue shall be made to the City Council for approval. Historically underutilized businesses (HUB’s) will
collections are adequate to meet corresponding expenditures (cost of service concept). Such be sought for proposals on any purchases of $3,000 or greater.
reviews will be conducted in concert with the budget preparation process.

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shall be paid within 30 days of receiving the invoice in accordance with applicable Texas law.
Accounts Receivable procedures shall target collection within 30 days from date of service.