Orange County NC Website
Browse       Search
14 <br /> REC156522003 DOCB9943171 <br /> internal process to prepare the budget, the opportunities for public input, and for the actual adoption of <br /> the budget. A budget calendar should be included noting both key operating capital dates. Although <br /> amending the budget after adoption should be covered.The description of the amendment process <br /> should identify the level at which the governing body must approve the changes. Proficient. <br /> FINANCIAL SUMMARIES <br /> #F3. Consolidated financials schedule(Mandatory)-The document shall present a summary of major <br /> revenues and expenditures, as well as other financing sources and uses, to provide an overview of the <br /> total resources budgeted by the organization.This criterion requires a summary of the revenues and <br /> other financing sources and expenditures and other financing uses of all appropriated funds in one place <br /> in the budget document. Other funds may be included in the schedule but appropriated funds must be <br /> included. Proficient. <br /> #F4. Three (Four)Year Consolidated and Fund Financial Schedules (Mandatory). Document must <br /> include summaries of revenues and other financing sources and of expenditures and other financing <br /> uses for the prior year actual,the current year budget and/or estimated current year actual, and the <br /> proposed budget year. The criterion requires a schedule that includes both revenues and other financing <br /> sources and expenditures and other financing uses for at least three budget years:Prior year, current <br /> year and budget year. The data for the prior year should be actual revenues and expenditures. However, <br /> the entity may choose whether to use current budget year and/or estimated figures. Proficient. <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 not governmental funds are included in the document). Fund <br /> balance change is included on the pages that you have indicated. Remember that this criterion <br /> requires that beginning and ending fund balances, as defined by the entity in the budget <br /> document, be shown for the budget year, as well as revenues, expenditures and other financing <br /> sources/uses. Proficient. <br /> F6-Revenues-The document shall describe major revenue sources, explain the underlying <br /> assumptions for the revenue estimates, and discuss significant revenue trends. The revenues <br /> are included. Make sure that all sources are identified and described. <br /> F7. Long-range financial plans-Planning is an essential part of any budget process. The backbone of this <br /> document should be the projected financial planning for your entity for the coming year. Legislators <br /> and administrators are constantly aware of any changes in public perception. The document shall <br /> explain long-range financial plans and its effect upon the budget and the budget process. The <br /> criterion requires the identification of long-range financial plans that extend beyond the budget year. <br /> The impacts of the long-range financial plan upon the current budget and future years should be <br /> noted. This section does not satisfy the criterion. <br />