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City of Roseville — 2004 Budget City of Roseville, Minnesota Annual Budget Process, Legal and Policy Requirements, and Description of Funds The City adopts an annual budget for the General and Special Revenue funds that are prepared on the modified accrual basis of accounting. The adopted budget indicates the amount that can be expended by each fund based on detailed budget estimates for individual expenditure accounts. Budget Process (General) The formal budget process begins in the spring of each year. At that time the budget materials and guidelines are distributed to the various department heads. Informally, aspects of the upcoming budget are discussed throughout the year with the City Council, Staff and citizens. The submitted departmental budgets are submitted to the Finance Department, where they are compiled, clarified and put into a format for the City Manager's review. The City Manager meets with each department to review submitted budgets. When the final review is completed, a proposed budget document is prepared and submitted to the City Council. The City Council conducts a series of budget meetings over the next several weeks, allowing for citizen participation and Staff presentations. As required by State Statute, the City Council must then take a formal action to approve a proposed budget and tax levy before September 15th. Staff submits the proposed budget to the County Auditor who then compiles all tax data from all levying entities for preparation of a parcel specific mailing to each county property taxpayer by mid- November. By State Statute, the city must then schedule a "Truth -in- Taxation" hearing between the end of November and December 20, at which time the city's taxpayers are invited to attend and express their opinions regarding the proposed tax levy and budget. The city council may then, at a subsequent meeting, approve the final budget and levy for the succeeding year. Budget Amendments Periodically, during an operating year, it becomes necessary to modify the adopted budget. When there is no effect on the total budget, the procedure for modification from one line item within a budget to another line -item is an application by the department head to the City Manager or designee. Modifications that affect the total budget on a fund basis are only approved by the action of the City Council. The City Council, under Minnesota State Statutes Section 412.731, can modify or amend the budget if funds are available. Budget appropriations are at the fund level. Fund Accounting The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self - balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures, or expenses, as appropriate. Government resources are allocated to and accounted for in 126