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The operating budget shall be a complete and balanced financial plan for all operations of the borough, showing all reserves, estimated revenues from all sources, and the proposed expenditures for all purposes in the upcoming fiscal year. Except as provided in this section, the proposed expenditures for all purposes shall not exceed total estimated revenues from all sources. It shall also include a comparative statement of actual expenditures and revenues for the preceding year and a projection for the current year.

The capital budget shall be the portion of the annual budget detailing the planned capital improvements for the upcoming fiscal year and their source of funding.

The capital improvements program (CIP) shall be a plan detailing expected capital improvements for the next six fiscal years, the predicted costs, and proposed method of financing them.

Upon adoption by ordinance, the operating budget, capital budget, and CIP shall be the appropriations that govern all spending by the borough.

(A) Fiscal year. The fiscal year of the borough shall begin on the first day of July and end on the last day of June the following year.

(B) Submission and presentation. No later than April 1 of the current fiscal year, the manager shall present to the assembly the six-year CIP and the proposed operating and capital budget for the following fiscal year. The presentation shall include a written explanation of the budget and CIP focusing on the work to be done and the financial policies that will direct the funding of that work.

(C) Hearing and assembly action. The assembly shall hold at least two public hearings on the proposed annual budget no later than June 1. At least ten days prior to each hearing, the assembly shall publish in a general circulation newspaper a summary of the budget and notice of public hearing. Copies of the proposed budget shall be made available to the public.

(D) Assembly action and executive certification of budget. The assembly by ordinance shall adopt a budget and establish tax levies not later than June 15. If it fails to do so, the budget and tax levies submitted by the manager shall be deemed adopted by the assembly as the annual budget. Except as provided in this section, total expenditures in the budget shall not exceed the total estimated revenues from all sources. The assembly by ordinance may provide for additional procedures regarding submission.

The manager shall certify the annual budget and CIP, making them part of the public record. (Ord. 03-11-035 § 4)