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............ .... ...... ...... ....... ..... ....... .... . IIFIANI fll <br />V <br />0 -AKEP. a-so <br />I UTIN <br />........... <br />Expenditures are generally recognized under the modified accrual basis of accounting when the relatef <br />lw_ M <br />fimd liability is 'incurred except for principal and interest on general long-term debt which is reco lkl <br />when due and accumulated unpaid vacation and compensatory time off which are recognized when pai4 <br />The accrual basis of accounting is utilized by proprietary fimd types. Under this method, revenues are <br />recorded when earned and expenses are recorded at the time liabilities are incurred. Unbilled utility <br />service receivables are recorded at year-end. <br />kong Range Planning (Capital Improvement Program (CIP) Overview <br />As part of the annual budget and the long range planning process, the city also updates a 10-year Capital <br />Improvement Program (CIP). <br />The Capital Improvement Program process is on going throughout the year, as the City Council studies <br />and approves various projects, The document preparation is an affirmation of those approvals as well as <br />a projection of potential projects that may be approved within the 1 0-year period. <br />W <br />The general guideline for CIP inclusion would be equipment of a capital nature, and construction project <br />cost generally in excess of $5,000. Items may appear in the CIP that are under the minu'num amount- <br />but they are evaluated on the basis of the substance of the expenditure. <br />Budget Procedures (Specific) <br />A budget calendar is developed in early February of each year with the departmental budget maten'al <br />going out to departments in early April., <br />