2008-085A - Laserfiche WebLink

Home Browse Search

Indian River County , Florida Notes To Financial Statements Year Ended September 30 , 2007 NOTE 3 - STEWARDSHIP , COMPLIANCE , AND ACCOUNTABILITY Budgets and Budgetary Accounting The County uses the following procedures in establishing the budgetary data reflected in the financial statements : ( 1 ) The constitutional officers submit, at various times , to the Board and to certain divisions within the Department of Revenue , State of Florida, a proposed operating budget for the fiscal year commencing the following October 1 . The operating budget includes proposed expenditures and the means of financing them , as set forth in Chapter 129 of the Florida Statutes . (2) The Department of Revenue , State of Florida, has the final authority on the operating budgets for the Tax Collector and the Property Appraiser included in the General Fund. (3 ) Constitutional officers , all departments controlled by the Board, and outside state and local agencies submit their proposed budgets to the Office of Management and Budget for assistance , review and compilation . The County Administrator then reviews all County departments , state agencies and nonprofit organization ' s budgets and makes his budget recommendation to the Board . (4) On or before July 15 of each year , the County Administrator and the Director of the Office of Management and Budget, as the Board ' s designated budget officer, submit to the Board a tentative budget for the ensuing fiscal year . The tentative budget includes proposed expenditures and the means of financing them . The Board then holds workshops to review the tentative budget by fund on a departmental level . (5 ) During September, public hearings are held pursuant to Section 200 . 065 of the Florida Statutes in order for the Board to receive public input on the tentative budget. At the end of the last public hearing , the Board enacts ordinances to legally adopt the budgets at the fund level for all but three governmental and proprietary fund types . The budgets legally adopted by the Board set forth the anticipated revenues by source and the appropriations by function. (6) Formal budgetary integration on an object level is used as a management control device for the governmental and proprietary funds of the County . Management is authorized to transfer budgeted amounts between objects and departments in any fund as long as management does not exceed the total appropriations of a fund . Board approval to amend the budget is only required when unanticipated revenues are received that management wishes to have appropriated, thereby increasing the total appropriations of a fund . (7) Budgets for the governmental and proprietary fund types are adopted on a basis consistent with generally accepted accounting principles . ( 8) Appropriations for the County lapse at the close of the fiscal year . 62 .