Page 88 - CityofWataugaAdoptedBudgetFY24

BUDGET SUMMARY

Enterprise Funds for overhead and staff support. The Enterprise Fund shall pay
the General Fund for direct services rendered when appropriate.
➢ Revenue Estimates for Budgeting: A conservative, objective, and analytical
approach shall be used when preparing revenue estimates. This should include
an analysis of probable economic changes, historical collection rates, and
trends in revenues. This should maintain a stable level of services and reduce
the probability of actual revenues being short of budget estimates.

➢ Revenue Collection: The revenue system should be as simple as possible in
order to expedite payments. Since revenue should exceed the cost of
producing it, administrative costs should be controlled and reduced as much as
possible. The City shall pursue, to the full extent allowed by law, all delinquent
taxpayers, and others overdue in their payments to the City.

• Expenditures: Prioritize services, establish appropriate levels of service, and
administer the resources to ensure that fiscal stability is attained and maintained,
and that services are delivered in an effective, efficient manner.
➢ Current Funding Basis: Expenditures shall be budgeted and controlled to not
exceed current revenues plus the planned use of fund balance accumulated
through prior year saving. (Use of fund balance is discussed in another
section).
➢ Operating Deficits: Take immediate corrective action if expenditures are
projected to be greater than projected revenues at year-end. Corrective actions
could include, but are not limited to, expenditure reductions, fee increases, or
use of fund balances. Short-term loans, use of one-time revenue sources, or
expenditure deferral to the following fiscal year should be avoided.

➢ Capital Asset Maintenance: As resources are available each year, capital
assets and infrastructure should be maintained at sufficient levels to minimize
future replacement and repair costs, to continue prescribed service levels, and
to protect the City’s investment in the assets.
➢ Program Reviews: Make periodic staff and third-party reviews of programs to
ensure efficiency and effectiveness. Consider privatization and contracting with
other governmental agencies as alternative approaches for service delivery.
Eliminate programs that are determined to be inefficient or ineffective. Use of
performance management and performance measurement techniques is
encouraged.
➢ Purchasing: Every effort should be made to maximize discounts offered by
vendors. Competitive bidding should be used to receive the most
advantageous prices on goods and services.

• Fund Balances: Maintain fund balances in the various funds at sufficient levels
to protect the creditworthiness of the City and protect the financial position from
emergencies.

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