Mastering Budget Basics for Financial Success
Delve into the world of budgeting with expert insights from the League of Oregon Cities' annual conference. Learn the stages of building a budget, understand fiscal conditions, and navigate the policy vs. budget dilemma effectively. Get hands-on tips for managing fund restrictions and making critical budget decisions.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
Budget Basics Because money matters.
League of Oregon Cities 91stAnnual Conference September 29, 2016 Susan Cole, Finance Director, City of Wilsonville Stewart Taylor, Finance Director, City of Albany Craig Gibons, Executive Director, Multnomah County TSCC
Building a Budget Three stages Proposed Approved Adopted Objective is creating authority to spend Secret to Success
Proposed - Getting started What is the Budget? Numbers, Charts Legal Document for Spending Policy Document Expression of Community Values and Priorities
Proposed - Getting started Budget Officer Understand the Community Understand the Financial Context External Internal
Proposed Getting Started Fiscal Conditions Financial Forecast Capital Improvements Plan Budget parameters
Proposed In The Thick Of It Policy vs. Budget Available Resources vs. Competing Needs Color of Money
Proposed In The Thick Of It Department Requests Consider Level of Service Provision Context Categorizing Information Evaluate & Re-evaluate Policies and goals Funding Balancing Decide What s in; what s out
Proposed In The Thick Of It Getting Technical with Fund Restrictions Fund Accounting Unrestricted Use Revenues Restricted Use
Proposed In The Thick Of It Getting Technical with Fund Restrictions Source of Restriction Fund General Street Water (and other utilities) System Dev Charges Type Unrestricted Restricted Restricted Restricted Constitution (Gas Tax) State Statutes State Statutes Equipment Replacement GO Bonds Restricted Restricted Council Resolution ORS & Bond Covenants
Proposed Wrap It Up Balanced Budget: Resources = Requirements Resources Beginning Fund Balance Cash in bank on July 1 Revenues Cash coming into the City Fund Transfers In Cash from another fund
Proposed Wrap It Up Balanced Budget: Resources = Requirements Requirements Expenditures Cash leaving the City Fund Transfers Cash going to another fund Ending Fund Balance Cash in bank on June 30
Proposed Wrap It Up Beginning Fund Balance + Revenues + Fund Transfers In - Expenditures (A) - Fund Transfers Out (A) Ending Fund Balance
Proposed Wrap It Up Financial Policies and Targets Met Sustainable (Financially) Message
Getting to an Approved Budget Budget Committee Responsibilities Receives Budget Takes Public Comment Deliberates and modifies budget Approves Budget and Taxes
Approved Budget Committee Know your audience Favorable in general to the jurisdiction and services provided? Like detail or global information? Like to debate and consider the information? Know your presenters One presenter or many? Stay on or stray from message?
Getting to an Approved Budget Budget Committee Responsibilities A Meeting Quorum is .. A Majority is.... Can only act as a group (No individual has any authority) Public Discussion only, no private conversations Speak now or forever hold your peace
Adopted City Council Hold a Public hearing Can modify individual funds by up to 10% of expenditures (Changes in excess of 10% requires another notice and hearing) Cannot increase the taxes as set by the Budget Committee Adopt the budget by passing the Budget Resolution Creates the authority to levy taxes and spend money.
Adopted Resolution Appropriations authority to spend Tax Levy, local option levy Bond
Adopted Compliance Animproperly adopted property tax is voidable. 294.461 Spending money in excess of the amounts provided by law, or for a different purpose than provided by law is illegal. 294.100(1) Any public official (who does so) shall be civilly liable for return of the money... 294.100(2) Violating budget committee open meeting standards: See Dumdi v. Handy (16-10-02760) Lane County Circuit
Adopted Monitoring Periodic reporting to the city council Public access, transparency City Data
Questions? ?? Thank you Intentional or not, the budget will reflect your community s priorities
Susan Cole, Finance Director, City of Wilsonville cole@ci.wilsonville.or.us Stewart Taylor, Finance Director, City of Albany Stewart.Taylor@cityofalbany.net Craig Gibons, Executive Director, TSCC Craig.Gibons@multco.us
