Budget
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Budget Process
The budget process begins in January with staff's development of five-year financial forecasts for the City's major accounting funds, including best, likely, and worst-case scenarios. A Budget Policy Meeting is held with City Council in May to determine Council’s priorities and position on policy issues specific to development of the operational and capital budgets for the upcoming fiscal year. City Council’s decisions on the policy issues provide the framework under which the budget is prepared to meet programmatic objectives within available fiscal resources projected in the five-year forecasts. The City Charter charges the City Manager with the duty of presenting a balanced budget to City Council. The budget is considered balanced if the total of all available financial resources (either on hand at the beginning of the year or generated during the year) equals or exceeds the total of all financial requirements. In August, the City Manager's proposed budget is presented to City Council for review and discussion. During September, two public hearings to formally adopt the millage (property tax) rate and budget are held per State Statute. The adopted budget is published no later than October 1.
All meetings are open to the public and the public is encouraged to attend and participate.
Budget Transfers
Operationally, the City functions at a fund level basis allowing budget transfers within funds for individual line items that exceed the budgeted amount without a formal budget amendment. Budget transfers are used only to transfer appropriations between line items within a fund, not to increase the total budget or to transfer resources between funds. Budget transfers are permitted in accordance with Administrative Policy FIN-13. All budget transfers are performed in the City’s accounting system by the Finance Department.
Budget Amendment
Per Florida Statute 166.241, the adopted budget may be revised with a budget amendment approved by City Council in the same manner in which the budget was adopted. The resolution adopting the annual budget allows the budget to be amended by resolution provided that a corresponding funding source supports any additional expense. Transfers between funds and increases to a fund’s total budget are permitted by resolution adopted by City Council. Frequently, the budget is amended to record grants awarded to the City or other mid-year activities approved by City Council. The budget amendment increases or decreases the total amount of the adopted budget of each fund.
37,935,778 2011-12 Adopted Budget, (View Budget Document)
1,585,485 2011-12 Encumbrance Carryovers
5,329,916 2011-12 Grant & CIP Carryovers
45,211,282 2011-12 Amended Budget
Brandy Ferris
107 Miracle Strip Parkway SW
Fort Walton Beach, FL 32548
Telephone: (850) 833-9513
Email:
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