Page 89 - CityofBurlesonFY26Budget

2) Awards. If feasible, the operating budget will be submitted to the GFOA
annually for evaluation and consideration for the Award for Distinguished
Budget Presentation.

3) Basis of Budgeting. The basis of budgeting will be the same as the basis of
accounting; that is, that budgets for the General Fund and the Special Revenue
Funds are prepared on the modified accrual basis of accounting, and budgets
for the Utility (Proprietary) Funds are prepared on a full accrual basis, except
that capital purchases and depreciation are not adjusted until year-end
financial reporting.

4) Financial Forecast. A five-year financial forecast shall be prepared annually,
projecting revenues and expenditures for all operating and capital funds. This
forecast shall be used as a planning tool in developing the following year’s
operating budget.

5) Proposed Budget Format. A proposed budget shall be prepared by the City
Manager with the participation of all of the City’s Department Directors,
within the provisions of the City Charter. The budget shall include at least four
basic segments for review and evaluation. These segments are: (1) personnel
costs, (2) operations and maintenance costs, (3) capital and other (non-capital)
project costs, and (4) revenues. A four-column format should be used such
that prior year actual, current year budget and revised, and next year
proposed are all clearly shown.

6) Council Participation. The budget review process shall include Council
participation in the development of each of the four segments of the proposed
budget and a Public Hearing to allow for citizen participation in the budget
preparation. The budget process shall span sufficient time to address policy
and fiscal issues by the Council. The budget process will be coordinated so as
to identify major policy issues for City Council consideration prior to the
budget approval date so that proper decision analysis can be made.

7) Filing and Adoption. Upon the presentation of a proposed budget document
acceptable to the Council, the Council shall call and publicize a public hearing
and adopt by Ordinance such budget as the City's Official Budget, effective for
the fiscal year beginning. A copy of the proposed budget shall be filed with the
City Secretary in accordance with the provisions of the City Charter. Should the
Council fail to take final action on or before the last day of the fiscal year, the
budget as submitted by the City Manager shall be deemed to have been finally
adopted by the City Council. If a tax rate is not adopted by September 30, the
tax rate for that year will be the lower of the no-new-revenue rate calculated
for the tax year or the rate adopted by the taxing unit for the preceding year
in accordance with State Law (Tax Code Sec.26.05. (c))

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