Page 60 - CityofEulessFY26AdoptedBudgetOrdinance2432

BUDGET PROCESS

DEFINITION AND AUTHORITY

The budget is a financial plan for a specific fiscal year that contains both the estimated
revenues to be received during the year and the proposed expenditures to be incurred to
achieve stated objectives. The City Charter established the City of Euless' fiscal year as
October 1 through September 30. The City Charter further states:

The City Manager, prior to August first of each year, shall prepare and submit the
budget, covering the next fiscal year, to the City Council, which shall contain the following
information. In preparing the budget, each employee, officer, board, and department shall
assist the city manager by furnishing all necessary information.
1) The city manager's budget message shall outline the proposed financial
policies for the next fiscal year with explanations of any changes from previous
years in expenditures and any major changes of policy and a complete
statement regarding the financial condition of the City.

2) An estimate of all revenue from taxes and other sources, including the present
tax structure rates and property evaluation for the ensuing year.
3) A carefully itemized list of proposed expenses by office, department, agency,
employee, and project for the budget year, as compared to actual expenses of
the last ended fiscal year, and the present year to date.
4) A description of all outstanding bond indebtedness, showing amount,
purchaser, date of issue, rate of interest, and maturity date, as well as any
other indebtedness which the City had incurred and which has not been paid.

5) A statement proposing any capital expenditures deemed necessary for
undertaking during the next budget year and recommended provisions for
financing.

6) A list of capital projects which should be undertaken within the five ( 5) next
succeeding years.

PUBLIC ACCESS
Article VII, Section 3 of the City Charter provides:

The budget and all supporting schedules shall be filed with the City Secretary when
submitted to the City Council and shall be open for public inspection by anyone interested.

PUBLIC HEARINGS
Article VII, Section 4 of the City Charter provides:

At the Council meeting at which time the budget is submitted, the Council shall, in
conformance with the requirements of law, name the date and place of a public hearing and
shall cause to be published the time and place thereof. At this hearing, interested citizens
may express their opinion concerning items of expenditure, giving their reasons for wishing
to increase or decrease any items of expense.

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Ordinance No. 2432, Page 60 of 474