"Did You Know" ...... City Budget

DID YOU KNOW…..

CITY BUDGET

WHO ARE WE BUDGETING FOR?

The citizens of Molalla to include all residents and business owners inside the city limits.

WHEN DO WE BUDGET?

We start the process in January and complete it by June 30 for the next fiscal year of July 1 through June 30.

WHAT IS A BUDGET?

It is a financial plan containing estimates of resources and expenditures for a single fiscal year based on the best information you that at that time.

BUDGET RULES AND PURPOSE

Local Budget Law establishes standard procedures that controls expenditures of public funds and encourages citizen involvement.

Oregon Department of Revenue has rulemaking authority to implement local budget law to direct budget development that ensures consistency across local governments. Citizen involvement is encouraged.

PHASES OF A BUDGET

Budget Officer proposes the budget

Budget Committee approves the Budget

City Council adopts the budget

Changes after Adopted Budget-Supplemental

WHAT IS A FUND?

A fund is defined as a fiscal and accounting entity with a self-balancing set of accounts segregated by purpose based on regulations, restrictions, or limitations.

…GENERAL FUND is the chief operating fund that accounts for all financial resources except those required to be accounted for in a dedicated fund.

…SPECIAL REVENUE FUNDS like Library or Street Funds account for money that is earmarked for a specific purpose such as gas tax or special district funds and can not be used for any other purpose.

…DEBT SERVICE FUNDS record repayment of bonds or loans. This money is dedicated and can not be used for any other purpose.

…ENTERPRISE FUNDS are Sewer, Water, and Stormwater and they levy user charges for each services. This money can only be spent on the operating and maintaining a self-supporting facility or service.

…CAPITAL PROJECT FUNDS records money used to build or acquire capital facilities.

For Questions contact Dan Huff, City Manager-Budget Officer at dhuff@cityofmolalla.com or Chaunee Seifried, Finance Director at cseifried@cityofmolalla.com.

If you would like to attend 2022 Budget Committee meeting dates are:

May 18, 2022 @ 6:30pm – Budget Committee Meeting (Molalla Civic Center Council Chambers, 315 Kennel Ave)

May 19, 2022 @ 6:30pm – Second Budget Committee Meeting If Needed (Molalla Civic Center Council Chambers, 315 Kennel Ave)