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2015_Approved Budget and CIP.pdf
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2015_Approved Budget and CIP.pdf
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City of Roseville — 2015 Budget <br />City of Roseville, Minnesota <br />Annual Budget Process, Legal and Policy Requirements, and <br />Description of Funds <br />The City adopts an annual budget for the General and selected Special Revenue funds that are prepared <br />on the modified accrual basis of accounting. The adopted budget indicates the amount that can be <br />eXpended by each fund based on detailed budget estimates for individual eXpenditure accounts. <br />Budget Process (General) <br />The formal budget process begins in the spring of each year. At that time the budget materials and <br />guidelines are distributed to the various department heads. Informally, aspects of the upcoming budget <br />are discussed throughout the year with the City Council, Staff and citizens. <br />The submitted departmental budgets are submitted to the Finance Department, where they are compiled, <br />verified and put into a format for the City Manager's review. The City Manager meets with each <br />department to review submitted budgets. When the final review is completed, a proposed budget <br />document is prepared and submitted to the City Council. <br />The City Council conducts a series of budget meetings over the neXt several months, allowing for citizen <br />participation and Staff presentations. <br />As required by State Statute, the City Council must then take a formal action to approve a proposed <br />budget and tax levy before September 30th. Staff submits the proposed budget to the County Auditor <br />who then compiles all tax data from all levying entities for preparation of a parcel specific mailing to <br />each county property taxpayer by mid-November. <br />Although no longer required by State Statute, the City schedules a`Truth-in-Taxation' hearing between <br />the end of November and December 20th, at which time the city's taxpayers are invited to attend and <br />express their opinions regarding the proposed tax levy and budget. <br />The city council, at a subsequent meeting, approves the final budget and levy for the succeeding year. <br />Budget Amendments <br />Periodically, during an operating year, it becomes necessary to modify the adopted budget. When there <br />is no effect on the total budget, the procedure for modification from one line item within a budget to <br />another line-item is an application by the department head to the City Manager or designee. <br />Modifications that affect the total budget on a fund basis are only approved by the action of the City <br />Council. The City Council, under Minnesota State Statutes Section 412.731, can modify or amend the <br />budget if funds are available. Budget appropriations are at the fund level. <br />Fund Accounting <br />The accounts of the City are organized on the basis of funds and account groups, each of which is <br />considered a separate accounting entity. The operations of each fund are accounted for with a separate <br />set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and <br />expenditures, or expenses, as appropriate. <br />113 <br />
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