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Local Budgeting Manual, 150-504-420 - Oregon State Library - State ...

Local Budgeting Manual, 150-504-420 - Oregon State Library - State ...

Biennial Budgets Chapter

Biennial Budgets Chapter 15 – Biennial Budgets Municipal corporations have the option of budgeting on a 24-month “biennial” budget period or by fiscal year. The governing body, by ordinance, resolution, or charter, may provide that the budget and budget documents be prepared for a budget period of 24 months. Unless so authorized, the budget period is one fiscal year. For local governments with the authority to levy tax upon property, the biennial budget period begins on July 1 and ends on June 30 of the second ensuing calendar year (ORS 294.311). Unless specified in this chapter or elsewhere in this manual, all other provisions of law remain the same for both fiscal year and biennial budgets except the length of the budget period. Budget Committee Appointed members of a budget committee that prepares a biennial budget serve for terms of four years. The terms must be staggered so that, as near as practicable, one-fourth of the terms end each year (ORS 294.336). If an existing local government adopts a biennial budget period, there will be a period of transition from fiscal year budgets to biennial budgets. During this period, appointive members of the budget committee who are already serving may serve out their three-year terms. New members or members who are reappointed to another term may receive four-year terms. However, the governing body may decide to appoint these new members for shorter terms or to shorten the terms of sitting members to less than three years in order to establish the staggered schedule with one-fourth of the terms ending each year. Proposed Budget Document Estimating Expenditures and Resources All estimates of resources and expenditures and other budget requirements in a proposed biennial budget must be for the entire 24-month budget period. Total resources must equal total requirements. Estimates of cash carryforward, beginning balance or net working capital should be the net total from the preceding budget period. If resources include revenue from property taxes, the budget should reflect the amount expected to be received from both tax years covered by the budget period. When estimating the amount to be received, estimate the amounts for both years separately as provided in ORS 294.381. Estimates of prior year taxes to be received should reflect the total amount expected during both years of the coming biennium. 63 Grants must be budgeted if the district is aware of them and there is a reasonable expectation that they will be received any time during the coming biennium. The amount of the grants must be estimated in good faith. First and Second Preceding Budget Period’s Data and Current Year Data Expenditure and resource estimate detail sheets should show the actual expenditures and resources for the two preceding 24-month budget periods (two biennia) and the estimated data for the current budget period. During the transition from fiscal year to biennial budgets, the detail sheets should show a mixture of single– year budget data and two–year budget data. Do not attempt to “double” the actual or estimated data from a fiscal year budget to make it comparable to the proposed budget. The discrepancy between fiscal year and biennial figures can be explained in a footnote or in the budget message. Debt Service on Bonds (ORS 294.483) A municipal corporation that has outstanding general obligation or Bancroft bonds, then adopts a biennial budget must budget and appropriate amounts sufficient to pay the debt service on those bonds in the succeeding 24-month budget period. If bonds are approved by the voters and sold during a budget period, debt service can be paid in that budget period without being budgeted. However, unless the property taxes were approved by the budget committee and included in the regular budget, no new tax levy can be imposed during the biennium to pay the debt service on bonds approved during the biennium. Bond Proceeds (ORS 294.483) When voter approval to issue bonds is received during a budget period and proceeds from the bond will be expended during that same budget period, the proceeds do not have to be budgeted. If bonds are approved in one budget period and the proceeds will be spent in a succeeding budget period, those proceeds must be included in the budget for the succeeding budget period. Interfund Loans Operating loans made from one fund to another that are not repaid in the budget period in which they are made must have the repayment budgeted in the ensuing budget period. Operating loans must be repaid no later than the budget period following the one in which they are made.

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