83-47 AUTHORIZING AND DIRECTING THE EXECUTION OF AN ESCROW AGREEMENT

Home Browse Search

� . . . .�e��►► � � � � 'legally available for such purpose. _ *Subject to change Additional Financing The City does not anticipate issuing any additional general obligation bonds at this time. FINANCIAL OPERATIONS OF THE CITY Budget Process The City's fiscal years commence on Maq 1 of each year and end on Aprfl 30 of the next succeeding year. The City prepares its annual budgets on a cash basis , and annual appropriations and tax levy ordinances based on the adopted cash basis budgets are adopted by the City Council within 90 days of the beginning of each fiscal year. Prior to the beginning of a fiscal year, during December of the prior fiscal year, each City department begins preparation of its individual budget. During February, the departmental bndgets are reviewed and adjusted by a Budget Review Committee composed of the City Manager, the Director of Finance, the Personnel Director, the Central Services Director and the Assistant to the City Manager. The proposed budget is presented to the City Council by the City Manager, and is normally adopted during the month of April. All appropriations lapse at the end of a fiscal year, and reappropriations are required in the following fiscal year. Supplemental appropriation ordinances may be passed by the City Council in the event that new sources of revenue become available during a fiscal year. Within a fiscal year, the Citp Council may approve line item budget transfers within a fund, but transfers among funds are not allowed. Independent Audit The City's financial statements are audited annually by the independent accounting firm of Peat, Marwick, Mitchell & Co. Financial Control Procedures The City's expenditures are monitored on a regular basis by its Director of Finance and the Accounting Division of its Finance Department. Disbursements are made only if an expenditure is within the authorized appropriation. For each expenditure, a purchase order is prepared and approved, and the related appropriation is encumbered by the Accounting Division before a check is issued. The Director of Finance reviews all City accounts monthly, and prepares a comprehensive six-month analysis to measure performance and to project availability of funds for the remainder of the fiscal year. The City Auditor conducts internal compliance and financial audits of � various payroll, personnel, accounting and purchasing procedures. I Cash Management/Cash Flow The two major sources of the City's revenue are distributions from State municipal sales taxes and and collections of the City's real property taxes. For fiscal 1983, such sources constituted approximately _X of the City's 3