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CITY OF MARYSVILLE 2015-2016 BIENNIAL BUDGET INTRODUCTORY XIII BUDGET PROCESS The budget process is the single most comprehensive analysis of available resources and the allocation of those resources to fund services for Marysville’s citizens. The budget document is designed to illustrate clearly the resources that are available for appropriation, an analysis of the decisions about the allocation of resources, and the resulting budget plan. This budget document is developed in a manner to study and review the direction of the City of Marysville. This document outlines the manner in which financial resources will be managed during the year. The course the City is taking can be changed through the allocation of financial resources. The major groups who participated in the budget process were the Mayor, City Council, Chief Administrative Officer, Department Directors, City staff and interested Marysville residents. The City of Marysville’s biennial budget is adopted by ordinance in accordance with the requirements and time limitations as mandated in state law Revised Code of Washington (RCW 35A.34). The budget must be adopted as a balanced budget and must be in place prior to the expenditure of any City funds. The calendar for the City of Marysville Budget process is as follows: FINANCIAL STRUCTURE The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. Each fund is accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. The City’s resources are allocated to and accounted for in individual funds depending on what they are to be spent for and how they are controlled. The city budgets each fund individually. Accounting for the flow of dollars in and out of accounts varies depending upon whether the fund is of the governmental or proprietary type. Government funds are designed to measure those financial resources on hand at the end of a period that are available to be spent or appropriated in future periods. Proprietary funds, on the other hand, are designed to reflect the overall economic health of the fund. The following are the fund types and account groups used by the City of Marysville: BUDGET PROCESS STEPS JUL AUG SEP OCT NOV DEC 1. Estimates of Revenues and Expenditures prepared by departments. 2. Estimates submitted to Finance for compilation. 3. Review of Program Requests by Directors, Mayor & Chief Administrative Officer. 4. Budget workshops are held with City Council 5. Preliminary Budget submitted to City Clerk and made available to the public 60 days before the end of the fiscal year. 6. Public hearings are held at council meetings. 7. Council approves budget by December 31