Page 318 - CityofHasletFY25AnnualBudget

Balanced Budget. A balanced budget is one where the proposed expenses are less
than or equal to estimated revenues. A balanced budget may also include the use
of reserves of the fund balance to offset revenue shortfalls, when approved by
Council.

Reporting. Periodic financial reports will be prepared to enable the Department
Directors to manage their budgets and to enable the Finance Director to monitor and
control the budget as authorized by the City Administrator.

Amending. In case of grave public necessity, emergency expenditures to meet
unusual and unforeseen conditions which could not, by reasonable diligent thought
and attention, have been included in the original budget may, from time to time, be
authorized, upon the affirmative vote of a majority of the council, as amendments or
supplements to the original budget. Such supplements and amendment shall be
approved in an ordinance and shall be filed with the original budget.

IV. Revenue Management

The City will strive for the following optimum characteristics in its revenue system:

Simplicity. The City, where possible and without sacrificing accuracy, will strive to
keep the revenue system simple in order to reduce compliance costs for the
taxpayer or service recipient.

Certainty. A knowledge and understanding of revenue sources increased the
reliability of revenue system. The City will understands its revenue sources and
enact consistent collection policies to provide assurances that the revenue base will
materialized according to budgets and plans.

Equity. The City shall require that there be a balance in the revenue system; i.e., the
revenue base will have the characteristic of fairness and neutrality as it applies to
cost of service, willingness to pay, and ability to pay.

Administration. The benefits of a revenue type will exceed the cost of producing the
revenue. The collection process will be reviewed periodically for cost effectiveness
as a part of the indirect cost and cost of service analysis.

Conservative Estimation of Revenue. In order to mitigate the effects of fluctuations
in a revenue sources due to fluctuations in the economy and variations of other
factors, all revenues will be conservatively estimated with the exception of inter-fund
transfers.

Non-Recurring Revenues. One-time or non-recurring revenues will not be used to
finance current ongoing operations. Non-recurring revenues should be used only for
one-time expenditure. They will not be used for budget balancing purposes. Non-
City of Haslet Financial Policy

Haslet Adopted Budget FY 2024-2025 316