Page 81 - CityofWataugaAdoptedBudgetFY24

ANNUAL BUDGET PROCESS

BUDGETARY SYSTEM AND PROCESS

The City Charter requires the City Manager to submit a proposed budget for the fiscal year, which
begins October 1, to the City Council by August 1 each year, and provides for Council adoption
of the budget by September 15; Article IX Section 9.02 F states "The budget shall be finally
adopted not later than the last regular Council meeting of the last month of the fiscal year." Prior
to August 1, the Finance department prepares a forecast of expected revenues from property
taxes, sales taxes, and other fees and transfers. The City Manager and City department heads
prepare expenditure estimates for the remainder of the current fiscal year and for the ensuing
fiscal year, and these are compared to estimates of revenue for the same periods. Adjustments
are made to the departmental expenditure estimates as necessary to ensure that the proposed
budget is balanced within total estimated income as required by the City Charter. A balanced
budget can include a planned drawdown of fund balance within guidelines discussed on the
following pages.

As part of the general government budget preparation, there is also a simultaneous preparation
of a budget for both the Crime Control District and the Economic Development Corporation. Due
to their separate legal status, the respective boards must approve their budget, which is then sent
to the City Council for final approval and appropriation.

During the budget cycle, key budgeting principles are considered throughout the process as
shown below. These principles ensure the long-term vision and fiscal sustainability is a priority
throughout the budget process.

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