Page 153 - Town of Bedford FY 2018-2019 Budget.pdf

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TOWN OF BEDFORD
OPERATING POLICY MANUAL
Chapter: Finance Issue (Effective) Date: July 1, 2017
Approval Date: June 13, 2017
Approved By: Town Council

OPERATING AND CAPITAL BUDGET PROCESS

ii. Synopsis of the budget showing a summary of all revenues and expenditures for each
department of each fund;
iii. Fund graphs and budget summaries;
iv. Revenue summary including actual, budgeted, and proposed;
v. Departmental expenditure summary including mission, description, goals, financial
summary, services, significant program impacts by department;
vi. Line item detail for each department by fund;
vii. Debt service;
viii. Capital Improvement Program (CIP) including summary and line item detail;
ix. Community Agency funding;
x. Position classification and pay scale data.

5. The budget review process will include Town Council participation in the development of each
segment through budget work sessions and will allow for citizen participation in the process
through public hearings on the proposed budget. In accordance with Code of Virginia §15.2-
2506, required notice of the hearings will be published in the official newspaper of the Town
and shall include:
i. The time and location where copies of the budget are available for public inspection,
ii. The time and location, not less than two (2) weeks after such publication, for a public
hearing on the proposed budget, and
iii. A complete synopsis of all revenue and operating expenses by fund.

6. After the public hearing, Council may adopt the budget with or without amendments. In
amending the proposed budget, it may add or increase programs or amounts and may delete
or decrease any programs or amounts, except expenditures required by law or for debt
service, provided that no amendment to the proposed budget shall increase expenditures to
an amount greater than the estimated income (including the use of available Fund Balance).

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7. Town Council shall adopt the proposed budget on or before the 20 day of the last month of
the fiscal year currently ending. If it fails to adopt the proposed budget by this date, the
amounts appropriated for operations for the current fiscal year will be deemed adopted for
the ensuing fiscal year on a month-to-month basis, with all items in it pro-rated accordingly,
until such time as Council adopts a budget for the ensuing fiscal year. Adoption of the budget
will constitute appropriation of the amounts specified therein as expenditures from the funds
indicated and will constitute a levy of the property tax therein proposed.

8. A copy of the adopted budget will be filed in the Town Municipal Offices and will also be
available on the Town’s website.

H. Budget Amendments:

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