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CITY OF SUNNY ISLES BEACH, FLORIDA <br />NOTE TO BUDGETARY COMPARISON SCHEDULE <br />FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 <br />NOTE I — BUDGETS AND BUDGETARY ACCOUNTING <br />An annual appropriated budget is adopted for the General Fund, American Rescue Plan <br />Fund, Street Maintenance and Construction Fund, Building Fund, General Capital Projects <br />Fund, and the Public Art Trust Fund on a basis consistent with accounting principles <br />generally accepted in the United States. The City follows these procedures in establishing <br />the budgetary data reflected in the basic financial statements. <br />a) The City Manager submits to the City Commission a proposed <br />operating and capital budget for the ensuing fiscal year. The budget <br />includes proposed expenditures and the means of financing them. <br />b) Public hearings are conducted to obtain taxpayer comments. <br />c) Prior to October 1, the budget is legally enacted through passage of <br />an ordinance. <br />d) The City Commission, by ordinance, may make supplemental <br />appropriations for the year. <br />e) Formal budgetary integration is employed as a management control <br />device during the period for the General Fund. <br />f) The City Manager is authorized to transfer part or all of an <br />unencumbered appropriation balance within departments within a <br />fund; however, any revisions that alter the total appropriations of any <br />department of a fund must be approved by the City Commission. <br />The legal level of control at which expenditures may not legally <br />exceed appropriations is at the department level. <br />g) Encumbered appropriations lapse at fiscal year-end. Encumbered <br />amounts are re -appropriated in the following year's budget. <br />h) Budgeted amounts are as originally adopted or as amended. <br />i) The net change in fund balance for actual amounts, represents the <br />appropriations of prior year's fund balance that was utilized. <br />71 <br />