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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2020 <br />NOTE 2 - STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY - Continued <br />Budgets and Budgetary Accounting - Continued <br />(4) On or before July 15 of each year, the County Administrator and the Director of the <br />Office of Management and Budget, as the Board's designated budget officer, submit to the <br />Board a tentative budget for the ensuing fiscal year. The tentative budget includes <br />proposed expenditures and the means of financing them. The Board then holds workshops <br />to review the tentative budget by fund on a departmental level. <br />(5) During September, public hearings are held pursuant to Section 200.065 of the Florida <br />Statutes in order for the Board to receive public input on the tentative budget. At the end <br />of the last public hearing, the Board enacts ordinances to legally adopt the budgets at the <br />fund level. The budgets legally adopted by the Board set forth the anticipated revenues by <br />source and the appropriations by function. <br />(6) Format budgetary integration on an object level is used as a management control <br />device for the governmental and proprietary funds of the County. Management is <br />authorized to transfer budgeted amounts between objects and departments in any fund as <br />long as management does not exceed the total appropriations of a fund. Board approval to <br />amend the budget is only required when unanticipated revenues are received that <br />management wishes to have appropriated, thereby increasing the total appropriations of a <br />fund. <br />(7) Budgets for the governmental and proprietary fund types are adopted on a basis <br />consistent with generally accepted accounting principles. <br />(8) Appropriations for the County lapse at the close of the fiscal year. Unexpected <br />ongoing project costs may be appropriated in the new fiscal year through a budget <br />amendment. <br />63 <br />