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41 <br />ENTERPRISE FINANCIAL INFORMATION <br />Budgetary Process <br />The fiscal year of the City begins on the first day of July of each year and ends on the <br />thirtieth day of June the following year. Formal budgetary integration is employed as a <br />management control device during the year for the general fund, special revenue funds, debt <br />service funds, capital project funds, and proprietary funds (including the water enterprise fund). <br />Budgets for the general, special revenue, debt service and capital projects funds (except <br />the General Improvement District 1-64 construction fund) are adopted on a basis consistent with <br />generally accepted accounting principles, except for capital outlay in special revenue and capital <br />projects funds which is budgeted on a project length basis. Budget requests are submitted by <br />departmental managers to the City Manager for review. The City Manager, the Assistant City <br />Manager, and the Finance Director meet with department heads to review the requests and <br />establish program objectives for the coming fiscal year. The City Manager then prepares <br />recommendations for the City Council and the City Manager submits the financing plan to fund <br />the recommended budget. <br />Each year the City Council adopts a resolution specifying the dates by which it must <br />receive a proposed budget and adopt a final budget. The City Council usually receives the <br />proposed budget by the end of May and thereafter schedules one or two public study sessions to <br />review the recommendations and obtain public comments. The City Manager submits the City <br />Council approved budget for final public hearing and adoption by the end of June. From the <br />effective date of the budget, the several amounts adopted as expenditures become appropriated <br />to the several departments offices and agencies for the objects and purposes named. All <br />appropriations lapse for operating expenses at the end of the fiscal year to the extent that they <br />have not been expended or lawfully encumbered. At any public meeting after the adoption of the <br />budget, the City Council may amend or supplement the budget pursuant to a resolution (rather <br />than an ordinance) adopted by a majority vote of the members of the Council. <br />Each fiscal year the City Council employs an independent certified public accounting firm <br />which examines the accounting records, internal controls and the financial statements. As soon <br />as practicable after the end of each fiscal year, these financial statements and the independent <br />accountant’s report are submitted to the City Council. At the request of the department head <br />through the City Manager, the City Council may, by resolution, transfer appropriations between <br />subprograms and funds, but shall not change total appropriations. Any increase or decrease to <br />the total appropriations provided for in the budget must be carried through by resolution passed <br />by the City Council. The City Manager may authorize the transfer of funds between object <br />categories within a subprogram of a department. <br />Financial Statements <br />The audited Annual Comprehensive Financial Report of the City as of June 30, 2023 is <br />included in Appendix B to this Official Statement. The 2024 Installment Payments are special <br />obligations of the City payable solely from the Net Revenues of the Enterprise. The Annual <br />Comprehensive Financial Report has been audited by Maze & Associates, independent <br />accountants (the “Independent Accountants”) as stated in their report appearing in Appendix B. <br />No review or investigation with respect to subsequent events has been undertaken in <br />connection with such Annual Financial Report by the Independent Accountants and the <br />8.A. - Page 55 of 255 <br />683