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<br /> <br /> <br /> City of Paris, Texas <br /> Notes to Financial Statements <br /> September 30, 2009 <br /> <br /> <br /> III. Stewardship, Comp- iance and Accountability (Continued) <br /> <br /> A. Budgetary Information (Continued) <br /> <br /> operating bud et which represents the financial plan for the ensuing fiscal year includes proposed <br /> expenditures d the means of financing them. Public hearings are conducted at which all <br /> interested pers ns' comments concerning the budget are heard. <br /> The budget fo the next fiscal year is legally enacted by the City Council through passage of an <br /> ordinance not later than the twenty-seventh day of the last month of the fiscal year. If the City <br /> Council does of enact the budget within this time period, then the budget as submitted by the City <br /> Manager beco es the legally authorized budget. <br /> Expenditures ay not legally exceed appropriations at the department level for each legally <br /> adopted annual operating budget. The City Manager may, without Council approval, transfer <br /> appropriation balances from one expenditure account to another within a department or agency of <br /> the City. The City Council, however, must approve any transfer or unencumbered appropriation <br /> balances or portions thereof from one department or agency to another. During the year ended <br /> September 30, 2009, the City Council approved a transfer of $79,460 from six line items to several <br /> departmental ine items. Also, the budget was amended to increase expenditures in several <br /> departments b $543,020 primarily for inspection services and contingency expenditures. <br /> IV. Detailed Notes on All Funds and Component Unit <br /> A. Deposits and Investments <br /> <br /> Custodial Credit Risk for deposits is the risk that in the event of a bank failure, the City's deposits <br /> may not be re ed or the City will not be able to recover collateral securities in the possession of <br /> an outside p . The City's policy requires deposits to be secured by collateral valued at market <br /> or par, whic ever is lower, less the amount of the Federal Deposit Insurance Corporation <br /> insurance (F C). Collateral agreements must be approved prior to deposit of funds as provided <br /> by law. The City was not exposed to custodial credit risk since deposits are insured or collaterized <br /> with securitie held by the pledging financial institution's agent in the name of the City. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> 33 <br />