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Indian River County, Florida <br />NOTES TO FINN IAL. STATEMENTS . Continue <br />Year Ended September 30, 1995 <br />NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued <br />S. Budgets And Budgetary Accounting - Continued <br />(3) On or before July 15 of each year, the Director of the Office of Management and Budget, as the <br />Board's designated budget officer, submits to the Board a tentative budget for the ensuing fiscal <br />year. The tentative budget includes proposed expenditures and the means of financing them. The <br />Board then holds workshops to review the tentative budget by fund on an object level. <br />(4) During September, public hearings are held pursuant to Section 200.065 of the Florida Statutes in <br />order for the Board to receive public input on the tentative budget. At the end of the last public <br />hearing, the Board enacts ordinances to legally adopt the budgets at the fund level for all <br />governmental and proprietary fund types. The budgets legally adopted by the Board set forth the <br />anticipated revenues by source and the appropriations by function. <br />(5) Formal budgetary integration on an object level is used as a management control device for the <br />governmental and proprietary funds of the County. Management is authorized to transfer budgeted <br />amounts between objects and departments in any fund as long as management does not exceed the <br />total appropriations of a fund. Board approval to amend the budget is only required when <br />unanticipated revenues are received that management wishes to have appropriated, thereby <br />increasing the total appropriations of a fund. <br />(6) Budgets for the governmental and proprietary fund types are adopted on a basis consistent with <br />generally accepted accounting principles. <br />(7) Appropriations for the County lapse at the close of the fiscal year. <br />26 <br />