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2013 FACC Professional Education Academy

2013 FACC Professional Education Academy. Basics of Governmental Budgeting and Accounting Session Tuesday, October 8th 8:00 AM – 12:00 PM. “ Everything should be made as simple as possible, but not simpler. ” Albert Einstein. Purpose of Budget. Resource Allocation

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2013 FACC Professional Education Academy

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  1. 2013 FACC Professional Education Academy Basics of Governmental Budgeting and Accounting Session Tuesday, October 8th 8:00 AM – 12:00 PM

  2. “Everything should be made as simple as possible, but not simpler.” Albert Einstein

  3. Purpose of Budget • Resource Allocation • Burden of Taxation and Fees • Facilitate Goal Setting • Improve Performance • Provides Accountability • Reflects Policy Decisions • Control

  4. “Before everything else, getting ready is the secret of success.” Henry Ford

  5. External Budget Forces1. Technology and the World Economy2. A Changing Florida3. Legislative Mandates4. Social Networking 5

  6. Budget Process • Budget Questions to be Answered to Begin the Process • Visioning, Mission Statement, and Strategies • Types of Budgeting

  7. Budget Cycle • 4 Stages in Cycle • Requirements • TRIM Notice • Effect on Taxpayer • Rollback Rate

  8. Rollback Rate Example* In 2013, the total taxable value of real estate is $500,000,000 and the millage rate is 5 mills ($5 per $1,000 of taxable value). Therefore, property tax revenue is $2,500.000 ($500,000,000 X .005)* Rollback rate for 2014 means that the total property tax revenue must equal the same revenue as the previous year ($2,500,000).If 2014 taxable value of Real Estate is $515,000,000, what is the roll back rate?Answer: $515,000,000 X Millage Rate = $2,500,000Millage (Rollback Rate) = .00485437 or 4.85 mills.

  9. Intergov’tal Revenue User Fees Property Tax Major Revenues Interest Income Debt Service Budget Transfers

  10. Types of Funds • General Fund • Capital Project Fund • Proprietary/Enterprise Fund • Internal Service Fund • Fiduciary Fund • Redevelopment Trust Fund • Special Fund

  11. Audits Management Letter Financial Audit Compliance/Performance Audit 10

  12. “When dealing with people, remember you are not dealing with creatures of logic, but with creatures of emotions, creatures bristled with prejudice and motivated by pride and vanity.” Dale Carnegie

  13. 2013 FACC Professional Education Academy Basics of Governmental Budgeting and Accounting Session Tuesday October 8th 8:00 AM – 12:00 PM

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