Page 9 - CityofLakeWorthFY26AdoptedBudget

Budget Format

The budget document is thoughtfully organized into three primary sections: Introduction,

Operational/Financial, and Appendices. Each section serves a distinct purpose and
collectively provides a comprehensive view of the City of Lake Worth’s fiscal planning and

strategic direction.

The Introduction section serves as a foundational overview of the budget and includes
several key elements to help the reader understand the broader context in which the Fiscal

Year 2026 Budget was developed. It begins with the City Manager’s transmittal letter
addressed to the Mayor and City Council, which outlines significant policy considerations,
economic conditions, and strategic priorities that influenced the creation of this year’s

budget. Additionally, this section presents the City’s official vision statement and strategic
goals, offering insight into the long-term objectives guiding Lake Worth’s governance. A

citywide organizational chart and staffing overview are also included, providing a clear
snapshot of the structure and allocation of human resources within the municipal

government.

The Operational/Financial section constitutes the core of the budget document and details
the operational and financial plans for the upcoming fiscal year. This portion is organized
first by fund and subsequently by department to facilitate ease of reference. Like many

municipalities, the City of Lake Worth follows the fund accounting method, a system that
allows for the separation and accountability of various revenue sources and expenditures

based on their intended use. In essence, a “fund” is a fiscal and accounting entity with a self-
balancing set of accounts that tracks specific resources and their application.

For example, the Hotel Occupancy Tax Fund is dedicated to tracking revenues generated
from hotel and motel occupancy taxes and ensuring those revenues are expended in

accordance with state law and city policy. Another example is the General Fund, which is the
primary operating fund for the City. It encompasses essential municipal services such as

Police, Fire, Parks and Recreation, and General Government. Due to its scope and impact on
daily operations, the General Fund is often of the greatest interest to residents, stakeholders,

and decision-makers.

Finally, the Appendices section provides supplemental information and reference materials,

such as detailed schedules, historical data, financial policies, and definitions of terms used
throughout the document. This section is designed to support transparency and provide

additional context for those seeking a deeper understanding of the City’s financial planning
processes.