The budget process is a powerful planning tool for government to make important resource decisions. According to the Carney and Schoenfeld‘s article on How to read a Budget, an operating budget is a reflection of government’s financial plans. When a budget is broken down to its simplest form it is a listing of anticipated revenues and planned expenditures for the coming year. Furthermore, the budget of a government is a document or a collection of documents that reflect their financial condition and future plans (Lee, et al, 14). The budget process assists governments in determining how they will disperse their resources for programs and services, which will be available to citizens. Equally important, the budget process which includes all
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A proportional tax structure means that the tax rates are essentially the same across different income categories in comparison to regressive tax structures where the lower-income taxpayers experience high effective tax rates than higher income taxpayers (Lee et. al, 136). When it comes to sales tax the City of Haltom has a proportional tax structure because it enforces a local option sales tax of 2% on all retail sales, leases and rentals of most goods, as well as taxable services. The 2% of tax revenues collected by the City are then divided between four funds. The general fund receives 1%, 0.5% goes to the economic development fund, 0.25% goes to the crime control district fund and the remaining 0.25% goes to the street reconstruction fund. Regardless of income level every person in the city pays the same amount in sales tax for a particular good or service. The factors which affect the sales tax revenue include population, retail sales, economy and consumer price index. Comparatively, when discussing property tax in the City of Haltom I would classify that tax structure as regressive because the city’s property tax is levied based on appraised value of property as determined by the Tarrant County appraisal district. The combined tax rate is $0.69999 per $100 assessed valuation, which consists of $0.46232 for maintenance and operations cost in the general fund and $0.23767 to fund the debt …show more content…
The financial statements which have been audited are submitted to the City Council within 180 days of the close of the fiscal year. Additionally, in accordance with the city’s policy there are four members of the City Council who operate the City Council Audit Committee. The Audit Committee is in charge of reviewing the city’s financial statements and audit findings in conjunction with the independent auditor and recommends the council take action on any of the financial statements which are concerning. Interim activity reports are made available to council and management each month. At the end of each quarter financial systems will be maintained to monitor expenditures and revenues on monthly basis with thorough analysis and adjustments. The budgets for all funds are adopted on terms consistent with generally accepted accounting principles. The City of Haltom strives to maintain accounting policies and practices in the preparation of its annual financial report. The City of Haltom has received the GFOA Certificate of Achievement for fiscal years 1987-2014. The City of Haltom submits its report to the Government Finance Officers Association for review of qualifications that meet those needed to obtain the Certificate of Achievement for Excellence in Financial
A proportional tax structure means that the tax rates are essentially the same across different income categories in comparison to regressive tax structures where the lower-income taxpayers experience high effective tax rates than higher income taxpayers (Lee et. al, 136). When it comes to sales tax the City of Haltom has a proportional tax structure because it enforces a local option sales tax of 2% on all retail sales, leases and rentals of most goods, as well as taxable services. The 2% of tax revenues collected by the City are then divided between four funds. The general fund receives 1%, 0.5% goes to the economic development fund, 0.25% goes to the crime control district fund and the remaining 0.25% goes to the street reconstruction fund. Regardless of income level every person in the city pays the same amount in sales tax for a particular good or service. The factors which affect the sales tax revenue include population, retail sales, economy and consumer price index. Comparatively, when discussing property tax in the City of Haltom I would classify that tax structure as regressive because the city’s property tax is levied based on appraised value of property as determined by the Tarrant County appraisal district. The combined tax rate is $0.69999 per $100 assessed valuation, which consists of $0.46232 for maintenance and operations cost in the general fund and $0.23767 to fund the debt …show more content…
The financial statements which have been audited are submitted to the City Council within 180 days of the close of the fiscal year. Additionally, in accordance with the city’s policy there are four members of the City Council who operate the City Council Audit Committee. The Audit Committee is in charge of reviewing the city’s financial statements and audit findings in conjunction with the independent auditor and recommends the council take action on any of the financial statements which are concerning. Interim activity reports are made available to council and management each month. At the end of each quarter financial systems will be maintained to monitor expenditures and revenues on monthly basis with thorough analysis and adjustments. The budgets for all funds are adopted on terms consistent with generally accepted accounting principles. The City of Haltom strives to maintain accounting policies and practices in the preparation of its annual financial report. The City of Haltom has received the GFOA Certificate of Achievement for fiscal years 1987-2014. The City of Haltom submits its report to the Government Finance Officers Association for review of qualifications that meet those needed to obtain the Certificate of Achievement for Excellence in Financial