Budgets are prepared, adopted, and evaluated on a fiscal year cycle, which for Kentucky cities runs July 1-June 30. Initially, the executive’s office (commission, mayor or manager) prepares a budget based on departmental input, new initiatives and goals, and evaluations of previous years’ budgets. This proposal is then sent to the council or commission for amendments and approval. Once this is completed, it is then the mayor or city manager’s office that is responsible for implementing the particulars outlined in the budget.
The budget process is ongoing throughout the year and usually involves certain alterations to the original budget through amendment during the fiscal year. All applicable Generally Accepted Accounting Principles (GAAP) and Governmental Accounting Standards Board (GASB) guidelines are required throughout the process in order to ensure standardized reporting.
- KLC Research Report: Today's Kentucky City - A Comprehensive Analysis of City Operations (link)
- Best Practice: Danville City Budget - Listening to the Citizens (PDF)
- KLC Research Report: The Basics of Kentucky Cities (PDF)
- Kentucky City: Less Money, More Problems (PDF)
- Kentucky City: Answers to Your Top Budget Questions (PDF)
- COTC Training Opportunities (link)
- Kentucky Cities Financial Manual (link)
- Federal Accounting Standards Advisory Board (FASAB) Generally Accepted Accounting Principles (link)
- GFOA Recommended Budget Practices (PDF)
- KLC Legal FAQ: How and when should a city budget be adopted? (link)
- KLC Legal FAQ: Important Reminders about Work Sessions (link)
- Chapter 18 of the City Officials Legal Handbook (link)
- KRS 91A.030 (PDF)