HomeMy Public PortalAbout2100.2 - Business and Financial Services - Management & Budget - Financial Policies Guiding the BudgetOffice of Business and Financial Services
Management and Budget Section 2100.2
Policies and Procedures Manual Page 1
2100.2 SUBJECT: FINANCIAL POLICIES GUIDING THE BUDGET
:1 OBJECTIVE:
Establish financial policies that guide development of the City’s budget.
:2 AUTHORITY:
This policy is adopted by the City Council, 11/1/10.
:3 DIRECTION:
The Chief Financial Officer, as an appointed official, serves at the pleasure of
and receives direction from the Mayor.
:4 FUNCTIONS:
A. Introduction
City government, as an institution, has multiple partners including
citizens, taxpayers, businesses, visitors, employees, and other
governments. As a major institutional, economic, and service force in the
region, it is important that the City strengthen relationships with its
partners by adopting a clear and comprehensive set of policies and
procedures.
Furthermore the integrity of the City of Orlando is of utmost importance,
and adopting a set of policies is a key element to maintain this integrity.
This policy contains the high-level policies that shall govern
development of the City’s budget. Detailed policy direction is provided
in separate policy documents on revenues, expenditures, fund balance,
and debt administration.
B. Policies
1. A fund is defined as a fiscal and accounting entity with a
balanced set of accounts recording cash and other financial
resources, together with all related liabilities and residual
equities or balances, and changes therein, which are segregated
for the purpose of carrying on specific activities or attaining
certain objectives in accordance with special regulations,
restrictions, or limitations. (National Council on Governmental
Accounting, Statement 1).
2. The budget will be balanced for all funds. Anticipated revenues
from all sources will equal estimated expenditures for all
purposes.
Office of Business and Financial Services
Management and Budget Section 2100.2
Policies and Procedures Manual Page 2
3. All operating funds are subject to the annual budget process and
must be reflected in the budget document.
4. The General Fund is the chief operating fund of the City and will
be used to account for all resources except for those required by
policy or law to be accounted for in another fund.
5. Enterprise operations of the City will be self-supporting. General
Fund revenues should not be used to routinely subsidize
enterprise fund operations.
6. The City will comply with all applicable State and Federal
mandates governing the development and implementation of the
budget.
7. Multi-year operating revenue and cost projections shall be
prepared and updated to monitor the financial position of the
City.
8. All items submitted to the City Council shall clearly identify the
budgetary impact of that action.
9. The City will integrate performance measurement and
productivity indicators within the budget.
10. The City will maintain a budgetary control system to ensure
adherence to the budget and will prepare, publish and distribute
regular reports comparing actual revenue and expenditures to
budgeted amounts.
:5 FORMS
None
:6 COMMITTEE RESPONSIBILITIES
None
:7 REFERENCE
Procedure adopted by City Council February 26, 2007, Item A5; amended
November 1, 2010, Item A-2.
:8 EFFECTIVE DATE
This procedure effective 11/1/10.