19 - Memo to GB - Proposed FY24-25 Budget - July 2024 (002)

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If at any time you have questions regarding the Accounting Structure, please let us know. City of Paris Charter Pursuant to the City of Paris Charter, Section 19(3), the City Council has the power and duty to: Section 19(3) –“Adopt the budget of the city.” To accomplish this, the City Manager has the power and duty under Section 38(2) to: Section 38(2) –“Prepare the budget and submit it to the council and be responsible for itsadministration after adoption.” Article V, entitled “The Budget”, sections 42 –58of the City of Paris Charter further spell out the composition, transparency, publication, and other key components of the budget and budget process.This memorandum is therefore designed to fulfill, to the best myability, Article V.The remainder of this memorandum will be structured off ofthe requirements of Sections 42–45, in order.Other sections not addressed are primarily procedural matters.Pursuant to Section 46, this budget and all supporting schedules will be filed with the City Clerk when submitted to theCity Counciland shall be a public record for the inspection of anyone. City of Paris Charter –Article V –Section 42. “The fiscal year of the City of Paris shall begin on the first day of October and shall end on the last day of September of each calendar year.Such fiscal year shall also constitute the budget and accounting year.” The Proposed Budget is for the Fiscal Year beginning October 1, 2024,and ending on September 30, 2025.This will be shown throughout this document as “FY24/25”. City of Paris Charter –Article V –Section 43. “The City Manager, between thirty and ninety days prior to the beginning of each fiscal year, shall submit to the Council a proposed budget, which budget shall provide a complete financial plan for the fiscal year, and shall contain the following:” The following sections of this memorandum shall be divided up between the fifteen(15) sub-sections of Section 43. These sub-sections are designed to represent the “complete financial plan for the fiscal year”. City of Paris Charter –Article V –Section 43(1) “A budget message, explanatory of the budget, which message shall contain an outline of the proposed financial policies of the city for the fiscal year, shall set forth the reasons for salient changes from the previous fiscal year in expenditure and revenue items, and shall explain any major changes in financial policy.” Financial Policy Our Financial Policy is as follows: Page 5of 18