FYE 14 Budget prelim - City of Norman

CITY OF NORMAN20. “Municipality” means any incorporated city or town; and21. “Purpose” means the specific budget item for a contract or claim.SECTION 17-205. ANNUAL BUDGET - PREPARATION AND SUBMISSION -ASSISTANCE OF OFFICERS, EMPLOYEES AND DEPARTMENTSAt least thirty (30) days prior to the beginning of each fiscal year, a budget for the municipality shall beprepared by the chief executive officer and submitted to the governing body. The chief executiveofficer may require any other officer or employee who is charged with the management or control ofany department or office of the municipality to furnish estimates for the fiscal year covering estimatedrevenues and expenditures of the department or office on or before a date set by the chief executiveofficer.SECTION 17-206. REQUIREMENTS AND CONTENTS OF BUDGETA. The municipal budget shall present a complete financial plan for the municipality and shall presentinformation necessary and proper to disclose the financial position and condition of themunicipality and the revenues and expenditures thereof.B. Unless the budget is prepared in accordance with the subsection E of this section, the budget shallcontain the following contents:1. The budget shall contain a budget summary;2. It shall also be accompanied by a budget message, which shall explain the budget and describeits important features;3. The budget format shall be as provided by the governing body in consultation with the chiefexecutive officer; and4. It shall contain at least the following in tabular form for each fund, itemized by department andaccount within each fund:a. actual reserves and expenditures for the immediate prior fiscal year,b. revenues and expenditures for the current fiscal year as shown by the budget for thecurrent year as adopted or amended, andc. estimates of revenues and expenditures for the budget year.C. The estimate of revenues for any budget year shall include probable income by source which themunicipality is legally empowered to collect or receive at the time the budget is adopted. Theestimate shall be based on a review and analysis of past and anticipated revenues of themunicipality. Any portion of the budget of revenues to be derived from ad valorem propertytaxation shall not exceed the amount of tax which is available for appropriation, as finallydetermined by the county excise board, or which can or must be raised as required by law. Thebudget of expenditures for each fund shall not exceed the estimated revenues for eachANNUAL BUDGET44