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CITY OF MYRTLE BEACH, SOUTH CAROLINA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION June 30, 2010

Note 1 - BUDGETS AND BUDGETARY ACCOUNTING

The City utilizes the following procedures in establishing the budgetary data reflected in the financial statements:

  • 1.

    Prior to June 1st, the City Manager submits to the City Council a proposed operating budget for the fiscal year commencing the following July 1st. The operating budget includes proposed expenditures and the means of financing them.

  • 2.

    Public hearings are conducted to obtain taxpayer comments.

  • 3.

    Prior to June 30th, the budget is legally enacted through passage of an ordinance.

  • 4.

    The Budget Officer, as designee of the City Manager, is authorized to transfer budgeted amounts between departments; however, revisions that alter the total expenditures of any fund must be approved by the City Council. Thus, the legal level of control is at the fund level.

  • 5.

    The City employs formal budgetary integration as a management control device during the year and generally adopts an annual appropriated budget for all funds other than fiduciary funds. The budgets are adopted annually on a basis consistent with generally accepted accounting principles. For the year ended June 30, 2010, there was no budget adopted for the internal service funds.

  • 6.

    All annual appropriations lapse at year-end. Unexpended appropriations for construction projects in the capital projects fund are reappropriated in the subsequent year.

Note 2 - SUPPLEMENTAL APPROPRIATIONS

The legal level of budget control is at the fund level. Thus, expenditures may not legally exceed appropriations, including supplemental appropriations, for an individual fund. For the year ended June 30, 2010, expenditures did not exceed appropriations for any of the City’s individual funds. Supplemental funds were appropriated for expenditures and expenses during the year ended June 30, 2010 as follows:

General Fund Convention Center Fund Hospitality Fee Fund Local Option Tourism Fee Fund Debt Service Fund Capital Improvements Fund Nonmajor Governmental Funds:

$

373,283 1,122,510 (1,500,000) 14,246,801 1,087,382 27,416,640

Public Facilities Corporation Fund Community Block Development Fund Tax Increment Revenue Fund Storm Water Fund Local Accommodations Tax Fund Air Base Tax Increment Revenue Fund Ocean Front Tax Increment Revenue Fund

11,396,712 868,433 615,011 3,219,988 292,938 400,000 11,132,234

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