AgdaPkt 2007-04-23 - Laserfiche WebLink

Browse Search

8e Page 49 Table 15 Revenues from Connection and Facilities Fees Connection Fees Facilities Fees Total FY 2001-02 FY 2002-03 FY2003-04 FY2004-05 FY2005-06 $111,329 $48,826 $125,097 $89,485 $117,180 267 ,446 239,378 345,894 298,679 237 ,054 $378,775 $288,204 $470,991 $388,164 $354,234 Source: City of Redwood City - Finance Department. ENTERPRISE FINANCIAL INFORMATION Budgetary Process The fiscal year of the City begins on the first day of July of each year and ends on the thirtieth day of June the following year. Formal budgetary integration is employed as a management control device during the year for the general fund, special revenue funds, debt service funds, capital project funds, and proprietary funds (including the water enterprise fund). Budgets for the general, special revenue, debt service and capital projects funds (except the General Improvement District 1-64 construction fund) are adopted on a basis consistent with generally accepted accounting principles, except for capital outlay in special revenue and capital projects funds which is budgeted on a project length basis. Budget requests are submitted by departmental managers to the City Manager for review. The City Manager and the Finance Director meet with department heads to review the requests and establish program objectives for the coming year. The City Manager then prepares his recommendations to the City Council and the Finance Director submits the financing plan to fund the recommended budget. Each year the City adopts a resolution specifying the dates by which it must receive a proposed budget and adopt a final budget. The City Council usually receives the proposed budget by the first week of June and thereafter schedules one or two public study sessions to review the recommendations and obtain public comments. The Finance Director usually submits the City Council approved budget for final public hearing and adoption in mid-July.From the effective date of the budget, the several amounts adopted as expenditures become appropriated to the several departments offices and agencies for the objects and purposes named. All appropriations lapse at the end of the fiscal year to the extent that they have not been expended or lawfully encumbered. At any public meeting after the adoption of the budget, the City Council may amend or supplement the budget pursuant to a resolution (rather than an ordinance) adopted by a majority vote of the members of the Council. Each fiscal year the City Council employs an independent certified pubiic accounting firm which examines the accounting records, internal controls and the financial statements. As soon as practicable after the end of each fiscal year, these financial statements and the independent accountant's report are submitted to the City Council. At the request of the department head through the City Manager, the City Council may. by resolution, transfer appropriations between subprograms and funds, but shall not change total appropriations. Any increase or decrease to the total appropriations provided for in the budget must be carried through by resolution passed by the City Council. The City Manager may authorize the transfer of funds between object categories within a subprogram of a department. 34