2011 Approved Budget - Laserfiche WebLink

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LfamfTormAff rAM5,11111 City of Roseville, Minnesota Amual Budget Process, Legal and Policy Requirements, an Description of Funds I The City adopts an annual budget for the General and selected Special Revenue funds that are preparoll on the modified accrual basis of accounting. The adopted budget M'dicates the amount that can expended by each fund based on detailed budget estimates for individual expenditure accounts. Budget Process (General) The fonnal budget process begins in the spring of each year. At that time the budget materials. an guidelm'es 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, verified and put into a format for the City Manager's review. The City Manager meets with each V department to review submitted budgets. When the final review is completed, a proposed budgej document is prepared and submitted to the City Council. The City Council conducts a sen'es 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 th budget and tax levy before September 15 . 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, I Although no longer required by State Statute, the City schedules a "Truth-in-Taxation7 hearing between the end of November and December 205 at which time the city's taxpayers are invited to attend and express their opns regardiniz the proposed tax levy and budget. The city council, at a subsequent meeting, approves the final budget and levy for the succeeding year. Llooludget endments FE'eriodically, 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 mother line-item is an application by the department head to the City Manager or designee. Modifications that affect the total budget on a ftmd basi's are only approved by the action of the City Council. The City Council, under Minnesota State Statutes Section 412.73 1, can modify or amend the budget if funds are available. Budget appropriations are at the fund level. Uund Accounting The accounts of the City are organized on the basis of fLmds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a scparate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures, or expenses, as appropfiate.