Adopted FY 2016 - 2017 Budget - Laserfiche WebLink

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Budget Process Budgetary Basis Budget for the governmental funds are adopted using the current financial resources measurement focus and the modified accrual basis. Revenues are recognized when they are measurable and available and expenditures are recorded when a commitment is made. The enterprise funds' budget is prepared on an accrual basis. Commitments are also recorded when a commitment is made. The distinguishing difference is that revenues are recognized when they are obligated to the City, such as at the time service is provided (in the case of the utility fund). Budget Procedures Florida Statute Section 166.241 requires that municipalities establish a fiscal year beginning October 1 and ending September 30. In accordance with the Charter of the City of Casselberry, the City Manager prepares and recommends to the City Commission a budget for the next succeeding fiscal year. The City of Casselberry's annual budget is a public policy process resulting in a fiscal plan for the allocation of municipal resources to achieve results in specific programs. The Finance Department coordinates the budget process which begins in March and ends in September. This process combines financial forecasting and fiscal strategizing which identify challenges, opportunities and causes of fiscal imbalances to assist with the development of a long-term financial plan that ensures fiscal sustainability. The process is designed to identify City Commission goals and objectives, identify service requirements, develop strategies to meet those requirements, and to allocate resources in order to execute a plan to meet the service requirements and City Commission goals and objectives. The budget is prepared with particular reference to the operational requirements and capital outlays needed for the maintenance and growth of the City, specifying anticipated sources and amounts of revenue as well as expenditures. The City generally desires to live within its means by keeping on-going operating costs at or below anticipated operating revenues. The City strives to provide sufficient funding for responsible operations and maintenance for the services provided and to hire and retain an excellent work force through a competitive employee compensation package. As the general fund provides the funding for the primary governmental services such as public safety, street maintenance and parks and recreation, special attention is paid to this fund. The main financial resource for this fund is ad valorem taxes, derived from property values throughout the City. The City strives to diversify its revenue base to the fullest extent possible. As the Water and Sewer Utility Fund and Water and Sewer Capital Projects Fund are enterprise funds operated in the same manner as a business, the legally enacted budgets for these funds are developed to provide financing for anticipated operating and capital needs. Budget Adoption The City's budget is adopted by fund at the object level through resolution at a public hearing held during the last scheduled City Commission meeting each September. Upon final adoption, the budget is in effect for the fiscal year, with the amounts stated therein being appropriated to the several objects and purposes named therein. Public participation in the budget process is encouraged. Prior to adoption, the City Commission holds several public budget workshops to review the major issues, programs and capital projects to be included in the adopted budget. In addition, there are two public hearings in which the citizens have the opportunity to question and raise concerns to the City Commission on matters regarding the budget for the upcoming fiscal year. The scheduled times and locations of these meetings are advertised in accordance with State of Florida statutes on the City's website and at the City Hall facilities. All budget appropriations lapse at the close of the fiscal year. Budget Amendments Amendments that alter the total original budget appropriation in a fund are approved by the City Commission through formal legislative action. Appropriations that are re -allocated within a fund and division at the object level and do not change the original budget appropriation may be approved by the City Manager. In addition, all capital purchases and/or changes to budgeted capital purchases must be approved by the Commission. The classification detail at which expenditures may not legally exceed appropriations is at the total fund level. page 23