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of the audit is important because we are supposed to keep our year end open through February to <br />properly record transactions for the prior year based on what the Governmental Accounting <br />Standards Board (GASB) considers to be currently available revenues. We generally have March <br />available to record those transactions and then the audit fieldwork starts in April. The audit is <br />completed and reviewed by staff prior to presentation to the City Council in May or June. The <br />audit needs to be completed and turned into the Office of State Auditor by June 30. <br /> <br />We then use the information gleaned from the audit to inform our work on a new budget. We <br />generally review budgets from the previous three years to determine trends in both revenues and <br />expenditures. This information then is used to prepare a series of estimated budgets between July <br />and early September. We also get proposed budget information from the Centennial Fire District <br />and Centennial Lakes Police Department during this time. <br /> <br />That information is combined into a proposed budget and tax levy that is formally adopted and <br />sent to Anoka County. Their staff combine the proposed levies of all overlapping jurisdictions Î <br />meaning the county, city, school district, watershed district, metropolitan wide agencies, etc to <br />create an individualized property tax estimate for Truth-in-Taxation public hearings held in late <br />November and December. After formal adoption of the final budget and tax levy, we start the cycle <br />over. <br /> <br />Somewhere in there we also review five-to-ten-year capital plans with the City Council. This is <br />done for all operating funds. Capital plans are also reviewed by the Parks and Recreation <br />Committee. <br /> <br /> <br />6 <br /> <br />