What is a Municipal Budget?
Each year City staff forecasts the revenues it will receive and the expenditures it will incur in the upcoming year. The resulting formal document is known as the Municipal Budget.
The budget is constantly monitored throughout the year to determine if the City is spending more or less than its revenues; the City then makes adjustments in spending in order to ensure that the budget is balanced at the end of the year.
What is the Purpose of the Budget?
This annual financial plan specifies the level of City services and resources to be provided in the coming year, including personnel positions, capital expenditures, and operating expenses needed to provide these services.
The Annual Budget is not just an accounting document; it's a management and planning tool that reflects the policies and priorities set by the City Council and serves as an outline for how the City of Downs spends money to maintain and improve the city. The City is limited by the revenues and resources available, so the Budget helps City Council and staff determine which goals have the highest priority and will produce the greatest impact to the community.
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What is a Financial Statement?
The purpose of an annual financial statement is to provide a reliable picture of the Municipalities economic situation - including assets, liabilities and financial results. An annual financial statement is also known as an audit that calculates how the City of Downs has used its resources over the course of a year.