City of DeSoto Budget Policies
• A comprehensive annual budget will be prepared for all funds expended by the City or provided under contract to an outside entity for expenditure. • Appropriations lapse at year-end and may not be carried over to the following fiscal year. However, exceptions is provided for the encumbrance of funds for specific projects or activities that were intended to be achieved in a given fiscal year but did not get accomplished. Multi-year capital projects will be funded by bond proceeds and have annually adopted budgets. • The budget will be prepared in a clear manner to facilitate understanding by the citizens. • All public hearings on the proposed budget and all budget workshops shall be open to the public. • Copies of the proposed budget will be available to citizens in the City Public Library and the City Secretary’s office will have copies available for review. Copies of the budget will be available for purchase through the City Secretary’s offices or copies may be made at the library. • The City Manager, prior to August 1 st of each year, shall prepare and submit the budget, covering the next fiscal year, to the Council, which shall contain the below information. In preparing the budget, each employee, officer, board and department shall assist the City Manager by furnishing all necessary information. 1. The City Manager’s budget message shall outline the proposed financial policies for the next year with explanations of any change from previous years in expenditures and any major changes of policy and complete statement regarding the financial conditions of the City. 2. An estimate of all revenue from taxes and other sources, including the present tax structure rates and property evaluation for the ensuing year. 3. A carefully itemized list of proposed expenses by office, department, agency, employee and project for the budget year, as compared to actual expenses of the last ended fiscal year, and the present year-to- date. 4. A description of all outstanding bond indebtedness, showing amount, purchaser, date of issue, rate of interest, and maturity date, as well as any other indebtedness which the City had incurred and which has not been paid.
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