Financial Transparency is the guiding principle behind the city’s financial planning and implementation efforts. This page provides the major financial documents produced during each fiscal year (October 1 through September 30) in service towards that principle:
The Long Range Financial Forecast provides five year projections for the city’s major operating funds and highlights key policy issues with other City Funds. The Forecast precedes the annual budget process via release in May or June, serving as a guide for city management and the Mayor and City Council in development of the annual Budget.
The Capital Improvements Plan (CIP) provides five year project schedules including descriptions of scope, along with projected costs and funding sources by phase of each project. The CIP includes a financing plan that allocates all available funds for projects, while showing if future bond sales will be required for project completion. The CIP is required by the City Charter and is normally presented in July.
The Budget, the primary annual spending plan for all city funds, is presented in August. It provides prior year actuals, current year budget and estimates, and next year’s proposed/adopted budget. All city managed revenue sources and operating funds are covered including the General Fund, Debt Service Fund, Enterprise Funds (Water, Sewer, Sanitation, Drainage, and Airport), Internal Service Funds, and Special Revenue Funds. The CIP is included in summary form as a part of the Budget. The City Charter and The State Budget Law (Chapter 102 of the Local Government Code) provide rules that govern the form, presentation and administration of the Budget.
The Quarterly Financial or Budget Report is produced for first quarter (October-December), second quarter (January-March) and fourth quarter (July-September) financial results and yearend projections. Third quarter projections are include in the Budget and are not published separately. Each budgeted fund, including operating and capital funds, are included in this report. Also included is the quarterly project status report for every capital project included in the current year’s CIP/Capital Budget. Each quarterly report identified issues needing attention and/or amendment of the Budget by City Council in accordance with the Charter and State law.
The Comprehensive Annual Financial Report is better known as the annual audit. Prepared in compliance with a massive body of accounting and financial reporting rules and guidelines, it is intended to be a year ending summary of income and expense, budgetary compliance, and balance sheets for all city financial operations. It is required by State law to be completed 180 days after the end of the fiscal year.