2021-2022 Proposed Revised Biennial Operating and Capital Budget LEGAL REQUIREMENTS AND BUDGET PROCESS
The City of Arvada is a political subdivision of the State of Colorado, located in Jefferson and Adams Counties in the Northwest quadrant of the greater Denver, Colorado, metropolitan area. The City Charter establishes a Council-Manager form of government. The City’s governing body consists of an elected Mayor and six -member Council. The Mayor and Council appoint a City Manager. The City of Arvada is a “home rule” City, governed by its City Charter, the Colorado State Constitution, and City ordinances as adopted by the City Council. The City Charter requires the adoption of budgets for the general fund, special revenue funds, debt service funds, capital projects funds, and proprietary funds. Budgets are not required for fiduciary funds. A fiduciary fund is custodial in nature and is used to account for assets that the government holds for others in an agent or trustee capacity. City Council annually appropriates all budgeted funds with the exception of the capital projects funds. Project-length budgets are adopted for these funds. The City adopts budgets for all funds using the modified accrual basis of accounting, the same basis used in the entity’s financial statements, consistent with generally accepted accounting principles (GAAP). The City Manager submits a proposed budget to the City Council for each of two budget years (January 1 to December 31). The budget includes an explanatory message and is submitted in early September. The proposed budget contains a complete and detailed financial plan for all City funds. The proposed budget is open for public inspection and review. By October 15th, City Council conducts at least one public hearing on the proposed budget. Not less than sixty days prior to the first day of the next fiscal year, City Council adopts the City budget by resolution and the annual appropriation by ordinance. The City prepares a combination line-item and program budget, but the legal level of control is at the fund level which is the amount approved by ordinance.
2022 BUDGET PROCESS CALENDAR JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY SEPTEMBER OCTOBER DECEMBER
Council Strategic Retreat Revenue assumption criteria completed Funding criteria developed for expenditures Departments present capital requests with associated operating costs City Manager & departments develop CIP recommendations/ Update 10-year Model Departments develop Operating Budgets for 2021-2022 Council begins review of Proposed CIP and 10-Year Plan Council reviews recommended 2021-2022 operating budget with 10-year revenue and expenditure plans Adoption of 2021-2022 Revised Operating Budget and CIP with 10-year considerations Publication of final Budget and CIP 47
