Budget and Financial Resources
Operating Budgets
Every fall the City Council reviews and approves an operating budget for the next year. The operating budget describes what services will be provided and how services will be paid for. Departments start preparing their budget requests in May. Those requests are reviewed by the City Manager who presents a recommended budget to the City Council in early October. Following a series of work sessions on the budget, the City Council receives citizen input and approves the operating budget in November.
Capital Improvement Plan
In the spring of each year, departments begin planning capital projects for the next 5 years. Capital projects include bike trails, street resurfacing, development of parks, replacement of equipment, building maintenance, and others. These projects are presented to the City Council as part of the Capital Improvement Plan.
Annual Comprehensive Financial Report (ACFR)
In October 2021, the Governmental Accounting Standards Board (GASB) issued Statement No. 98, Annual Comprehensive Annual Report, officially changing the name comprehensive annual financial report to annual comprehensive financial report and the acronym to ACFR. The immediate adoption and usage of the new name and acronym is encouraged by GASB, and would be in accordance with the Government Finance Officers Association policy statement.
The Annual Comprehensive Financial Report, or ACFR, is the most informative financial report prepared by the City. The purpose of the report is to provide the reader detailed information concerning the financial condition and outlook for the City. Information is provided from all funds including the General Fund, Special Revenue funds, Enterprise funds, and Internal Service funds. The report is prepared in the spring following the completion of our December 31 fiscal year. Here is the most current Annual Financial Reports.
Single Audit Reports
A Single Audit Report is essential for entities expending $750,000 or more in federal funds annually, ensuring they comply with federal regulations. It reviews financial statements for GAAP adherence, evaluates internal controls, and checks compliance with program requirements like financial management. Key features include the Schedule of Expenditures of Federal Awards to ensure accurate reporting of federal funds. Any audit findings require corrective action plans to address deficiencies. Submitted to the Federal Audit Clearinghouse, this report enhances transparency and accountability in federal fund management, aiding oversight and decision-making.
