Laserfiche WebLink
Redevelopment Agency of the City of Redwood City <br /> Required Supplementary Inf ormation <br /> For the year ended June 30,2007 <br /> 1. BUDGETARY INFORMATION <br /> The Agency follows these procedures in establishing the budgetary data reflected in the financial statements. <br /> 1. The Executive Director submits to the Agency Board a proposed operating budget for the fiscal year <br /> commencing the following July 1. The operating budget includes proposed expenditures and means of <br /> f inancing them. <br /> 2. Public hearings are conducted to obtain taxpayer comments. <br /> 3. The Budget is legally enacted through passage of a resolution. <br /> 4. The Executive Director is authorized to transfer budgeted amounts within a sub-program within a <br /> department; however, any revisions that alter the total expenditures must be approved by the Agency <br /> Board. <br /> 5. Formal budgetary integration is employed as a management control device during the year for the <br /> Special Revenue Funds and Debt Service Funds. Budgets for all funds are adopted on a basis <br /> consistent with generally accepted accounting principles (GAAP), except capital outlay expenditures <br /> are budgeted on a project length basis. <br /> 37 <br />