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REDEVELOPMENT AGENCY OF SAN LEANDRO <br />SUPPLEMENTARY INFORMATION <br />FOR THE YEAR ENDED JUNE 30, 2007 <br />BUDGETARY INFORMATION <br />Budgets and Budgetary Accounting <br />The Agency adopts a budget annually to be effective July 1 for the ensuing fiscal year. Budgeted <br />expenditures are adopted through the passage of a resolution. This resolution constitutes the maximum <br />authorized expenditures for the fiscal year and cannot legally be exceeded except by subsequent <br />amendments of the budget by the Agency Board. <br />An operating budget is adopted each fiscal year for the Debt Service Fund. Public hearings are conducted <br />on the proposed budgets to review all appropriations and sources of financing. Capital projects are <br />budgeted by the Agency Board over the term of the individual projects. Since capital projects are not <br />budgeted on an annual basis, they aze not included in the budgetary data. <br />Expenditures are controlled at the fund level for all budgeted departments within the Agency. This is the <br />level at which expenditures may not legally exceed appropriations. Budgeted amounts for the Combined <br />Statement Revenues, Expenditures and Other Financing Sources (Uses) -Budget and Actual include <br />budget amendments approved by the Agency Board. <br />The budgets are adopted on a basis substantially consistent with generally accepted accounting principles <br />(GAAP). <br />Any amendments or transfers of appropriations between object group levels within the same department <br />must be authorized by the City Manager. Any amendments to the total level of appropriations for a fund or <br />transfers between funds must be approved by the Agency Board. Supplemental appropriations financed by <br />unanticipated revenues during the year must be approved by the Agency Board. <br />33 <br />