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8 <br /> [Page 66.Orange County.Nq <br /> document needs to work on it. <br /> P4. Mandatory. The document should include a coherent statement of entity-wide long-term <br /> financial policies. 4 - Comments: Good discussion of entity-wide long-term financial policies;nice and <br /> clear. <br /> P5. Mandatory. The document shall describe the process for preparing, reviewing, and <br /> adopting the budget for the coming fiscal year. It also should describe the procedures for <br /> amending the budget after adoption. 3 - Comments: Good discussion of the budget process, <br /> including the calendar. <br /> Financial Summaries <br /> F3. Mandatory. The document shall present a summary of major revenues and expenditures, as <br /> well as other financing sources and uses, to provide an overview of the total resources <br /> budgeted by the organization. 3 - Comments: Good summary of revenues and expenditures. <br /> F4. Mandatory. The document must include summaries of revenues and other financing <br /> sources, and of expenditures and other financing uses for the prior year actual, the current <br /> year budget and/or estimated current year actual, and the proposed budget year. 3 - <br /> Comments: Good Summary of revenues and expenditures;covers the requisiteyears. <br /> F5. Mandatory. The document shall include projected changes in fund balances, as defined by <br /> the entity in the document, for appropriated governmental funds included in the budget <br /> presentation (fund equity if no governmental funds are included in the document). 3 - <br /> Comments: Good discussion of changes in fund balances;covers the requisiteyears. <br /> F6. Mandatory.- The document shall describe major revenue sources, explain the underlying <br /> assumptions for the revenue estimates, and discuss significant revenue trends. 3 - <br /> Comments: Good discussion of major revenue sources and their underlying trends. <br /> F7. The document should explain long-range financial plan and its effect upon the budget and <br /> the budget process. 2 - Comments: No discussion of any long-range financial plan and/or its effect <br /> on the budget and the budget process;however, there is a good summary of revenues and expenditures through <br /> 2020; the document needs to extend it beyond 2020 and present it within the framework of a long-range <br /> financial plan. <br /> Capital & Debt <br /> F8. Mandatory.- The document should include budgeted capital expenditures, whether <br /> authorized in the operating budget or in a separate capital budget. 4 - Comments: Good <br /> discussion of capital improvement activities, theirpr jected costs, and sources of funding•nice and clear. <br /> F9. The document should describe if and to what extent significant nonrecurring capital <br /> expenditures will affect the entity's current and future operating budget and the services that <br />