BUDGETARY NOTES An annual budget is adopted by the Agency’s Board on a basis consistent with U.S. generally accepted accounting principles. All annual appropriations lapse at fiscal year-end; however, valid outstanding encumbrances for contractual performance expected in the next fiscal year are re-appropriated by budget amendment and become a part of the subsequent year’s budget pursuant to state regulations. The City Manager is authorized to transfer all or part of an unencumbered balance between departments within the fund. The legal level of budgetary control (i.e., the level at which expenditures may not legally exceed appropriations) is the fund level. The Agency’s Board made several supplemental budgetary appropriations during the year. The Agency uses encumbrance accounting. Open commitments are recognized as expenditures in the period in which the actual goods or services are received and a liability is incurred. Encumbrances (e.g., contracts) outstanding at year end for unfulfilled obligations are cancelled and re-appropriated in the succeeding year’s budget. Accordingly, there were no encumbrances outstanding at year end.
DaytonaBeach.gov/Redevelopment
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