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Redevelopment Agency of the City of Redwood City 6.1. B. - Page 196 <br /> Required Supplementary Information <br /> For the year ended June 30, 2011 <br /> 1. BUDGETARY INFORMATION <br /> The Agency follows tllese procedures u1 establislling tlle budgetary data reflected u1 the financial <br /> statenlents. <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 <br /> of financing thenl. <br /> 2. Public hearings are conducted to obtain taxpayer coiiuneilts. <br /> 3. The Budget is legally enacted through passage of a resolution. <br /> 4. The Executive Director is autllorized to transfer budgeted amounts within a sub-progranl wi$Zin a <br /> department; however, any revisions that alter the total expenditures must be approved by the <br /> Agency Board. <br /> 5. Fornlal budgetary integration is employed as a inanageinent control device during the year for the <br /> Special Revenue Fw1ds and Debt Service Fw1ds. Budgets for all funds are adopted on a basis <br /> consistent witll generally accepted accounting prulciples (GAAP), except capital outlay e�enditures <br /> are budgeted on a project length basis. <br /> �o <br />