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The 2013-14 financial statements reflect unrestricted reserves that total $18.18 million. For the first <br />time since 2006-07, the Unassigned Fund Balance aligns with the Council's fund balance guideline. <br />FINANCIAL INFORMATION <br />City Budget & Budgetary Controls <br />The City Council is required to adopt a final budget through the passage of a resolution no later than <br />June 30, the close of the fiscal year, following a public hearing process conducted to obtain taxpayer <br />comments. This annual budget serves as the foundation for the City's financial planning and control. <br />The budget is prepared by fund, function (e.g., public safety) and department (e.g., police). The legal <br />level of budgetary control is at the fund level. The City Manager is authorized to transfer budgeted <br />amounts between departments and line items within any fund; however, any revisions which alter the <br />total expenditures of any fund must be approved by the City Council. Transfers between funds must <br />be approved by the City Council. At the end of the fiscal year, encumbered appropriations are <br />carried forward and become part of the following year's budget while appropriations that have not <br />been encumbered lapse, unless otherwise authorized by the City Council and the City Manager. <br />x <br />