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 Budgets & Financial Reports
Through the City budget, the Mayor and City Council determine the level of funding for City operations and services, as well as funding for capital projects. The City budget is adopted annually for the fiscal year beginning July 1 through June 30 in accordance with North Carolina General Statutes (G.S. 159-13), which require that the budget be balanced. In other words, total expenditures cannot exceed the amount of revenues and appropriated fund balance.
By State statute, the proposed budget must be delivered to the Mayor and Council no later than June 1st and adopted before July 1st. Budget workshops are held during May and June, and a public hearing is held so citizens can voice their questions and concerns about the proposed budget.
Copies of the FY 2011-2012 Approved Budget are available online for review or you may view a copy at the City Clerk's office at City Hall, 815 New Bridge Street, or at the Public Library on Doris Avenue.
Copies of the FY 2011 Financial Report are available online for review or you may view a copy at the City Clerk's office at City Hall, 815 New Bridge Street, or at the Public Library on Doris Avenue.
Previous City budgets and financial reports are available for view at the Budget & Financial Report Archives webpage.
The budget process begins in November when Finance staff prepares the Budget Manual, which gives departments guidance on submitting their requests. Finance then holds training sessions to provide additional guidance and assistance to key staff. In addition, members of the Finance staff are assigned as department liaisons to assist with budget preparation, answer questions, and help solve any problems arising during the process.
Once all requests are submitted to Finance, reviewed, and entered into the City's financial system, the City Manager, Finance Director, and department liaisons meet with each department and division to discuss their needs. Revenue projections are also prepared, which determine how many of the departments' requests can be funded and how much must be cut from the budget. Once all decisions are made, Finance staff prepares the budget book and provides copies to Council and the City Manager. Copies are also provided for public viewing in the City Clerk's Office and the Onslow County Public Library.
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FY2011-2012 Budget
Reader’s Guide
The budget begins with the City Manager’s Budget Message that contains key features of the budget as recommended by the Interim City Manager, including the property tax rate, the Mission, Vision and details on the FY 12 Goals adopted by the City Council.
In accordance with the North Carolina General Statutes, the City prepares and adopts the budget on the modified accrual basis of accounting, in which revenues are recorded when the amount becomes measurable, and expenditures are recorded when the liability is actually incurred. Enterprise funds are converted from the modified accrual basis of accounting to the accrual basis at year end for financial reporting purposes. In the accrual basis, revenues are recognized when they are earned and expenses are recognized when they are incurred.
The following chart summarizes when accrual and modified accrual are used for the basis of accounting and the basis of budgeting:
Fund
|
Basis of Budgeting |
Basis of Reporting |
| General |
Modified Accrual |
Modified Accrual |
| Special Revenue |
Modified Accrual |
Modified Accrual |
| Enterprise |
Modified Accrual |
Accrual |
The first section in the document, the Budget Summary, summarizes the total City’s budgeted revenue and expenditure as well as the significant operating funds: General Fund, Water/Sewer Fund, Water/Sewer Capital Project Fund, Solid Waste Fund and Stormwater Fund budgets. The Budget Summary section also includes a listing of the expenditure by fund. Each fund is categorized as either operating or capital project funds and reflects a gross amount as well as the net budget which is less transfers to other funds and prior years’ appropriations. This section also includes a summary of Debt, Consolidated Undesignated Fund Balance and Authorized Positions Listing.
The second section of the budget includes a Revenue Summary of all funds and shows the current year’s (FY 11) amended budget levels as compared to the adopted FY 12 budget. Details follow this summary and are again identified by fund by category. This section also includes the Property Tax Analysis spanning ten years including the valuation, tax rate and percentage of taxes collected.
The third section of the budget includes information on the Funds that comprise the City-wide budget, and is grouped by function.
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