The Budget Calendar

Municipal Budgeting

Before March 15- Preparation

Finance Officer prepares previous and current year financial data on estimate forms

March 15- Preparation

Estimate forms are forwarded to mayor, finance committee, or chief administrative officer and to department heads with instructions

By April 15- Preparation

Finance officer prepares revenue estimates

By May 1- Preparation

Mayor, Finance Committee, or chief administrative officer reviews estimates and develops recommendations for legislative body

By May 15-Preparation

Proposed Budget or budget requests are submitted to legislative body

By June 30- Enactment

Legislative Body finalizes budget, holds necessary public hearings, and adopts the budget

July 1- June 30- Execution

Close monitoring of revenues and expenditures is conducted. Budget amendments, as permitted by state law and local charters must be prepared, as necessary

As soon as practicable after the end of the fiscal year-Audit

Audit firm comes to city hall to conduct fieldwork. This usually is done at any time practicable between July and October

By the end of the calendar year- Audit

Audit firm makes a presentation to the governing body that will the accept the report. Per TCA 6-56-104(b) a summary of the audit prepared by the auditor shall be published in at least one issue of a newspaper of general circulation in the corporation, if there is one

By end of calendar year- Audit

A copy of the audit must be available for public inspection and a copy should be placed in the main branch of the public library located within the city boundries