Page 91 - CityofWataugaAdoptedBudgetFY24

BUDGET SUMMARY

Thus, the maximum rate of tax for the City is $2.50/$100 of value of the taxable
property in the municipality. The current City Tax rate is $0.570200/$100 of
valuation and thus well below the state and charter statutory maximum.

• Investments: Invest the City’s operating cash to ensure its safety, provide for
necessary liquidity, and optimize yield in accordance with the City of Watauga
Investment Policy. Interest earned from investments shall be distributed to the
fund from which the money was provided.

• Fiscal Monitoring: Prepare and present regular reports that analyze, evaluate,
and forecast the City’s financial performance and economic condition.
➢ Financial Status and Performance Reports: Monthly reports comparing
expenditures and revenues to current budget, projecting expenditures and
revenues through the end of the year, noting the status of fund balances to
include dollar amounts and percentages, and outlining any remedial actions
necessary to maintain the City’s financial position shall be prepared for review
by the City Manager and the City Council.

➢ Three-year Forecast of Revenues and Expenditures: A three-year forecast of
revenues and expenditures should be prepared in anticipation of the annual
budget process. The forecast should include critical issues facing the City,
economic conditions, and the outlook for the upcoming budget year.
➢ Quarterly Status Report on Capital Projects: A summary report on the contracts
awarded, capital projects completed, and the status of the various capital
programs should be prepared quarterly and presented to the City Manager and
the City Council.

• Financial Consultants: Within available resources, employ the assistance of
qualified financial advisors and consultants, as needed, in the management and
administration of the City’s financial functions.

These areas include but are not limited to investments, debt administration,
financial accounting systems, program evaluations, and financial impact
modeling. Advisors should be selected on a competitive basis using objective
questionnaires and requests for proposals based on the scope of the work to be
performed.

• Accounting, Auditing and Financial Reporting: Comply with prevailing federal,
state, and local regulations. Conform to Generally Accepted Accounting Principles
(GAAP) as prescribed by the Governmental Accounting Standards Board
(GASB), the American Institute of Certified Public Accountants (AICPA), and the
Government Finance Officers Association (GFOA).

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