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Budgeting Procedures - Essay Example

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Oviedo is a developing community that is aiming at maintaining a theme of small town charm while seeking its identity in the metropolitan of Orlando area. The city is gradually moving into its next phase of development as it plans for a new town centre and redevelopment of the original downtown…
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Budgeting Procedures
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Download file to see previous pages The FY 07-08 Budget also reflects the culmination of a substantial effort by City staff to include performance measures for all City programs (Adopted Annual Budget, 2007-08).
While this effort is still in its developmental stage, the performance measures will provide a better connection between budget resources and desired outcomes. Usually, annual budgets are adopted on a basis consistent with U.S. generally accepted accounting principles and the City uses a cash basis for budgeting governmental funds (Adopted Annual Budget, 2007-08).Yearly appropriated budgets are accepted for the General, Special Revenue, Debt Service and Enterprise Funds. All operating and capital expenditures and revenues are recognized in the budgeting process because of the want for appropriation authority. This paper will therefore focus on analyzing and evaluating the budget.
According to the Adopted Annual Budget (2007-08), the process for preparing and adopting the city's annual budget and levying a property tax rate is conducted in accordance with the provisions of Chapter 200 of the Florida statutes and the city's code of ordinance. Chapter 200, Florida statues outlines the budget process beginning with the certification of taxable value on or before July 1 by the country property appraiser. The setting of the millage rate and budget involves a formal process also known as Truth in Millage Act. TRIM serves to formalize the tax levying and budget adoption process by requiring a specific method of calculating the tax rate and any increase, the form of notice to property owners, and public hearing and advertisement requirements prior to the adoption of the annual budget and tax rate.
Development of the Annual Budget is comprised of three major initiatives: strategic planning and financial trends outlook, 5 year capital improvements programs development and operating budget preparation. The budget is entirely prepared to accept the accounting system at the start of the fiscal year. A number of GAAP (generally accepted accounting principles) adjustments are made to reflect balance sheet requirements and their effect on the budget. These include changes in designations and recognition of accrued liabilities. Amounts needed for such long term liabilities as future payoff of accumulated employee vacation and sick leave (i.e. compensated absences) are generally not budgeted but are adjusted or reported for the actual amounts incurred as a result of an employee resignation or retirement. Usually, a four step process is followed to come up with the budget. This involves preliminary planning and preparation, review, adoption and monitoring.
During the preliminary planning stage, the city council meets in January/ February to review the city's strategic priorities. Later on (March/April), the council is provided with a financial trends outlook for the city's three operating funds. In a workshop setting, the city council reviews and discusses major budget trends and then provides policy direction for preparation of the upcoming fiscal year budget. The budget preparation stage follows up in January whereby a 5 year CIP process is initiated with various departments. The CIP for the upcoming fiscal year is the only year in which actual funding is appropriated. The five year CIP serves as the basis for ...Download file to see next pagesRead More
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