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A
Welcome
to
the
budget
fundamentals
learning
session,
my
name
is
Phil
rigor
and
I'm.
The
city
strategy
and
budget
director
I'm
excited
to
share
with
you
a
few
fundamentals
that
will
help.
You
understand
the
city's
budget
process
a
little
better.
The
budget
is
the
city's
annual
spending
plan.
It's
designed
to
reflect
priorities
of
the
community
and
fund
municipal
services.
As
a
result,
the
budget
is
arguably
one
of
the
most
important
policy
items
that
City
Council
deliberates
over
and
adopts
every
year.
In
this
short,
video
I
will
describe
some
budget
basics.
A
I
will
introduce
you
to
the
concepts
that
will
help
you
understand.
Charlotte's
budget,
specifically
I
will
review
the
major
legal
requirements
that
govern
local
government
budgeting
in
North
Carolina
the
steps
and
timeline
of
the
budget
development
process
and
the
basic
structure
of
the
city's
budget.
So,
let's
get
started.
Let's
get
started
by
reviewing
a
few
important
legal
requirements
described
in
the
local
government
budget
and
fiscal
Control
Act
found
in
section
159
of
the
north
carolina
general
statutes.
A
Local
government
finances
in
north
carolina
operate
on
a
fiscal
year
basis.
The
fiscal
year
is
defined
as
July
1
to
June
30
state
law
requires
that
all
cities
and
counties
adopt
a
budget
annually
no
later
than
July
1st.
The
city
manager
is
required
to
prepare
and
submit
a
balanced
budget
to
the
City
Council
for
consideration
no
later
than
June
1st
a
budget
is
balanced
when
estimated
revenues
equal
planned
expenditures
prior
to
the
city
council.
A
Adopting
a
budget,
a
public
hearing
must
be
held
to
give
the
public
an
opportunity
to
comment
on
the
budget
being
considered
by
City
Council.
All
amendments
to
the
budget
must
be
approved
by
City
Council.
Now
that
you
have
a
broad
understanding
of
what
state
law
requires.
Let's
review
how
the
budget
process
plays
out
in
Charlotte.
The
budget
is
the
city
manager's
responsibility
until
he
proposes
it
to
City
Council
once
recommended
the
budget
becomes
City
Council's
every
year
under
the
leadership
of
the
city
manager.
The
strategy
and
budget
department
facilitates
the
budget
development
process.
A
The
process
traditionally
starts
in
late
summer,
with
public
engagement
activities,
city
staff
collect
feedback
from
the
community
about
priorities,
services
and
preferences
on
how
public
dollars
should
be
spent.
We
engage
the
public
at
public
meetings
like
the
Charlotte
Civic
Academy
community
events
like
Open
Street,
704
and
through
surveys.
A
Department
budget
requests
are
due
in
the
fall
from
December
through
April
strategy
and
budget
staff,
review,
analyze
and
refine
revenue,
estimates
and
expense
data
and
work
with
the
city
manager
to
prepare
his
budget
proposal,
starting
in
January,
with
the
annual
strategy
meeting
and
continuing
its
work
through
committee
meetings,
workshops
and
individual
meetings
with
the
city
manager,
City
Council,
discusses
community
challenges,
defines
strategic
priorities
and
weighs
in
on
important
budget
topics.
All
of
City
Council's
feedback
is
captured
and
factored
into
the
city.
A
At
the
end
of
every
fiscal
year,
city
expenditures
are
audited
by
external
auditors.
The
results
of
the
audit
are
presented
by
the
finance
department
in
the
comprehensive
annual
financial
report
or
Kaffir
for
short.
Now
that
you
have
a
better
understanding
of
how
the
budget
is
developed,
let's
turn
our
attention
to
the
final
topic
of
this
video,
which
is
an
overview
of
how
the
budget
is
structured.
The
budget
is
divided
into
different
funds.
A
Funds
are
accounting
groups
to
keep
track
of
specific
revenue,
sources
and
expenditures
for
specific
purposes.
Let's
review
the
funds
most
commonly
discussed
during
the
budget
process,
the
general
fund,
the
capital
project
fund,
the
debt
service
fund
and
enterprise
funds,
the
general
fund
accounts
for
the
resources
related
to
general
government
services.
Example.
Services
include
police,
fire,
garbage
collection,
transportation
and
many
more.
The
general
funds
primary
revenue
sources
are
the
property
tax
and
the
sales
tax.
A
The
capital
project
fund
accounts
for
the
resources,
primarily
debt
proceeds
used
for
the
acquisition,
construction
and
improvement
of
capital
facilities
and
equipment.
Examples
include
road
projects,
sidewalks
fire
stations
and
large
equipment.
The
debt
service
fund
accounts
for
the
resources
accumulated
for
principal
and
interest
payments
on
debt
issued
for
general
government
capital
projects
and
equipment,
enterprise
funds
account
for
resources
and
expenses
related
to
public
services
that
are
funded
in
large
part
by
fees
for
service.
The
city
has
four
enterprise
funds:
aviation,
Charlotte,
Area,
Transit,
System
stormwater
in
Charlotte
water.
This
concludes
my
presentation
on
budget
fundamentals.
A
I
hope
you
found
this
video,
informative
and
helpful
I
would
encourage
you
to
watch
the
next
video
entitled
FY
2020
budget
overview
to
gain
a
broad
understanding
of
what
is
in
the
current
spending
plan.
The
FY
2021
budget
season
has
already
begun.
I
look
forward
to
working
with
you
as
we
plan
our
community's
future.