Mastering Budget Basics for Financial Success

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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.

  • Budgeting
  • Finance
  • Oregon Cities
  • Financial Management
  • Fiscal Planning

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Presentation Transcript


  1. Budget Basics Because money matters.

  2. 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

  3. Building a Budget Three stages Proposed Approved Adopted Objective is creating authority to spend Secret to Success

  4. Proposed Budget

  5. Proposed - Getting started What is the Budget? Numbers, Charts Legal Document for Spending Policy Document Expression of Community Values and Priorities

  6. Proposed - Getting started Budget Officer Understand the Community Understand the Financial Context External Internal

  7. Proposed Getting Started Fiscal Conditions Financial Forecast Capital Improvements Plan Budget parameters

  8. Proposed In The Thick Of It Policy vs. Budget Available Resources vs. Competing Needs Color of Money

  9. 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

  10. Proposed In The Thick Of It Getting Technical with Fund Restrictions Fund Accounting Unrestricted Use Revenues Restricted Use

  11. 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

  12. 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

  13. 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

  14. Proposed Wrap It Up Beginning Fund Balance + Revenues + Fund Transfers In - Expenditures (A) - Fund Transfers Out (A) Ending Fund Balance

  15. Proposed Wrap It Up Financial Policies and Targets Met Sustainable (Financially) Message

  16. Approved Budget

  17. Getting to an Approved Budget Budget Committee Responsibilities Receives Budget Takes Public Comment Deliberates and modifies budget Approves Budget and Taxes

  18. 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?

  19. 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

  20. Adopted Budget

  21. 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.

  22. Adopted Resolution Appropriations authority to spend Tax Levy, local option levy Bond

  23. 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

  24. Adopted Monitoring Periodic reporting to the city council Public access, transparency City Data

  25. Questions? ?? Thank you Intentional or not, the budget will reflect your community s priorities

  26. 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

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