CITY OF FOREST PARK QUESTION&ANSWER

Question: What is the Purpose of the City Budget?

Answer: The budget is an annual financial plan for the City of Forest Park. It specifies the level of municipal services to be provided in the coming year and the resources, including personnel positions, capital expenditures and operating expenses needed to provide these services. It reflects the policies and priorities set by the Mayor & City Council

Question: How and When is the Budget Prepared?

Answer: Each March, City Departments submits their plans and needs for the upcoming fiscal year to the Director of Finance who then compiles the proposed budgets and forwards to the City Manager for review The City Manager then submits the recommended budget to the City Council in May The City Council reviews the budget, holds at least two public hearings to obtain citizen input and then adopts the final budget which becomes the operating guide for the year

Question: What is a Fiscal Year?

Answer: A Fiscal Year is a 12-month operating cycle that comprises a budget and financial reporting period. The City of Forest Park fiscal year beings on July 1st and ends on June 30th.

Question: From where does the City obtain revenues:

Answer: From local, state, and federal taxes, and licenses, in additon to payments for Municipal Services

Question: What is a Millage Rate?

Answer: When the City adopts its annual budget, it determines the tax rate that must be applied on property in order to generate the necessary revenue in addition to all other sources that are are available. The City has no control over the taxable value of property; it only has control over the tax rate that is levied.

Question: What is a Mill of Tax?

Answer: One mill is equal to $1 for each $1,000 of assessed property value.