Page 10 - CityofLakeWorthFY26AdoptedBudget

Budget Format, Cont.

Together, these three sections are intended to offer a clear, organized, and transparent view

of the City of Lake Worth’s budgeting process, operational priorities, and financial
stewardship.

Financial statements are provided for each fund to ensure transparency and clarity regarding

the City’s financial health. These statements offer a multi-year view of each fund’s financial
condition, helping readers understand trends in revenue, spending, and fund balances over

time. Much like a personal bank account statement, each financial statement includes a
beginning balance, incoming revenues, outgoing expenditures, and an ending balance for
each fiscal year presented.

Each fund statement begins with the actual, audited amounts from the most recently

completed fiscal year, ensuring accuracy and accountability. The next column presents
estimated amounts for the current fiscal year, which reflect projections made when the

original budget was adopted. These estimates help provide context for ongoing financial
activity and assist in planning for the future. The estimated ending fund balance for the

current year is particularly important, as it serves as the beginning balance for the upcoming
fiscal year 2025–2026 and plays a key role in budget development and forecasting.

This structured presentation enables both internal stakeholders and the public to see not
only where the City has been financially but also where it is headed, supporting informed

decision-making and long-term fiscal sustainability.

Toward the end of the document, you will find a number of appendices that provide

additional details and context for the budget as a whole. These appendices offer further
insight into Lake Worth’s budget process, outlining the steps taken to prepare and adopt the

annual budget. They also contain explanations of the City’s major revenue sources,
definitions of financial terminology, and other important reference materials. This

information is intended to support the reader’s full understanding of how the City of Lake
Worth responsibly manages public resources in alignment with community goals and policy

direction.