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general and statistical information - City of Inglewood

general and statistical information - City of Inglewood

14. The

14. The City will adhere to its adopted Investment Policy and comply with all State and Federal requirements concerning investments. The City Treasurer is responsible for the City’s Investment Policy. The Council recently re-adopted this policy for 2006, meeting these requirements. 15. Once the annual budget is adopted, the City Administrator shall conduct periodic budget reviews and report on any significant deviations and present a corrective action plan to manage the adopted budget in accordance with adopted city policies. Such reviews shall include a comparison of projected year end balances with actual balances as presented in the Comprehensive Annual Financial Report (CAFR) which is audited by the City’s auditors. City staff nearly constantly review expenditures and revenues of the current fiscal year and compare them to the adopted budget. On a monthly basis the previous month’s financial records are closed, and expenditure and revenue reports are provided to Departments. On a periodic basis, generally at the mid-point of the fiscal year, the Budget staff does a formal mid-year review with departments comparing budgets to actuals. The formal closing of previous fiscal year financial records, and the auditors report found in the Comprehensive Annual Financial Report are always checks against the projected year end balances in the budget submitted and adopted by Council and any significant deviations are reported. Page 502

GLOSSARY OF BUDGET TERMS Accounting System: Adoption: Agency: Appropriation/Modified Appropriation: The methods and records established to identify, assemble, analyze, classify, record and report a government's transactions and to maintain accountability for the related assets and liabilities. Formal action taken by the City Council, which sets the spending plan for the fiscal year. The highest level of City administrative units. An agency is comprised of one or more organizations. The term Agency/Department is used interchangeably throughout the budget document (i.e., Finance Agency, Police Department, etc.). A legal authorization granted by the City Council to expend monies, and incur obligations for specific purposes. An appropriation usually is limited in amount and time it may be expended. The term modified appropriation refers to changes made to adopted appropriations by amendments approved by the legislative body. This occurs for example, when additional grant monies are received during the fiscal year and are made available for immediate appropriation. Budget (Proposed/Approved): A plan of financial operations embodying an estimate of proposed expenditures for a given period and the proposed means of financing them. Used without any modifier, the term usually indicates a financial plan for a single fiscal year. The term "budget" is used in two senses in practice. Sometimes it designates the financial plan presented to the appropriating governing body for adoption (proposed budget), and sometimes, the plan adopted by that body (approved budget). Budgetary Control: The control or management of a government or enterprise in accordance with an approved budget for the purpose of keeping expenditures within the limitations of available appropriations and revenues. Control is by personnel, maintenance & operations and capital outlay within organizational units. Page 503

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