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7.1.A. - Page 104 <br /> REQUIRED SUPPLEMENTARY INFORMATION <br /> NOTE 1- BUDGETS AND BUDGETARY ACCOUNTING <br /> Formal budgetary integration is employed as a management control device during the year for the <br /> general fund, special revenue funds, debt service funds, and capital projects funds. <br /> Budgets are adopted on a basis consistent with generally accepted accounting principles (GAAP) for the <br /> general, special revenue, and debt service funds. Capital projects funds' budgets are adopted on a <br /> project length basis and are not presented here. As the Housing Legal Aid Society Fund was created <br /> after the February 1, 2012 dissolution of the former Redevelopment Agency and is currently under <br /> litigation, there is no adopted budget for this fund. <br /> The City Manager submits a recommended operating budget in May each year to the City Council for <br /> the fiscal year commencing the following July 1, showing proposed expenditures by programs and the <br /> means of financing them. <br /> The City Council conducts budget study sessions, which are open for public comment, before adopting <br /> the budget. Once the budget is adopted, expenditures may not legally exceed appropriations at <br /> program level except when the excess is attributable to a particular activity for which the City has been <br /> reimbursed. This is especially apparent in the Community Development Program where developers <br /> reimburse the City through sub - division fees and environmental impact report fees. <br /> At the request of the department head through the City Manager, the City Council may, by resolution, <br /> transfer appropriations between sub - programs and funds. Any increase or decrease to the total <br /> appropriations provided for in the budget must also be carried through by resolution passed by the City <br /> Council. The City Manager may authorize the transfer of funds between object categories within a sub- <br /> program of a department. The adoption and administration of the Port of Redwood City budget, unless <br /> property tax revenues are requested, is exclusively under the control of the Board of Port <br /> Commissioners. <br /> Budgeted amounts are as originally adopted, or as amended by the City Council during the fiscal year. <br /> Individual amendments were not material in relation to the original appropriations. <br /> All unexpended appropriations lapse at the end of the fiscal year. Appropriations for capital projects or <br /> appropriations that are encumbered are re- appropriated and carried over in the following year's <br /> budget. <br /> 76 <br />