Page 325 - Southlake FY24 Budget

City of Southlake Charter
Chapter IX - Finance

A.
BUDGET

Appendix
9.01. Fiscal Year.

The fiscal year of the City shall begin on the first day of October and end the last day of September of
each calendar year. Such fiscal year shall also constitute the Budget and Accounting Year.

9.02. Annual Budget.

Operating Budget. The operating budget shall provide a complete financial plan of all City funds and
activities and, except as required by law or this Charter, shall be in such form as the City Manager deems
desirable or the Council may require. A budget message explaining the budget both in fiscal terms and
in terms of the work programs shall be submitted with the budget. It shall outline the adopted financial
policies of the City for the ensuing fiscal year, describe the important features of the budget, and indicate
any major changes from the current year in financial policies, expenditures, and revenues, with reason
for such changes. It shall also summarize the City’s debt position and include such other material as the
City Manager deems advisable. The budget shall begin with a clear, general summary of its contents, shall
show in detail all estimated income, indicating the adopted property tax levy, property value to which
it is to be applied, and all adopted expenditures, including debt service, for the ensuing fiscal year. The
adopted budget expenditures shall not exceed the total of estimated income and unencumbered funds
from previous years. The budget message shall be so arranged as to show comparative figures of the
prior year, actual and estimated income, and expenditures of the current fiscal year, all compared to the
estimate of the budgeted year. It shall include in separate sections:

(a) An itemized estimate of the expense of conducting each department, division and office;

(b) Reasons for adopted increases or decreases of such items of expenditure compared with the current
and prior fiscal year;

(c) A separate schedule for each department, indicating tasks to be accomplished by the department
during the year, and additional desirable tasks to be accomplished if possible;

(d) A statement of the total probable income of the City from taxes for the period covered by the
estimate;

(e) Tax levies, rates, property values, and collections for the preceding five (5) years;

(f) An itemization of all anticipated revenue from sources other than the tax levy;

(g) The amount required for interest on the City’s debts, for sinking fund and for maturing serial bonds;

(h) The total amount of outstanding City debt, with a schedule of maturities on bond issues;

FY 2024 City of Southlake | Budget Book 325