How is the Town Budget determined?
Each year, the Budget Officer assists the Town Supervisor in preparing a Town Budget for the next year. From April to September, the Budget Officer works with the Town Supervisor and Town Staff to prepare a “Tentative Budget”. In mid-September, the “Tentative Budget” is presented to the Town Board where it becomes the “Preliminary Budget”. The “Preliminary Budget” is made available for public review and comment at a public hearing held in early October. After the Public Hearing, the Town Board reviews all comments and develops the “Final Budget”. The Town Board then adopts the “Final Budget” in late October at a Legislative session. After that, the “Adopted Budget” is presented to Monroe County.
The annual budget process also includes a multi-year strategic financial outlook by taking into account projections and changes that are anticipated for coming years. The multi-year budget helps the Supervisor and the Town Board prepare for future adjustments in State mandates, healthcare costs and other mandatory expenses, while planning for potential capital projects.
Town Budget Summary
The following provides a summary of the current Adopted Town Budget, including a breakdown of the top level funds required by New York State Financial Accounting and Reporting rules. A year-over-year comparison is also provided in terms of revenue generated, taxes collected and appropriated fund balances, along with tax rates for the period of the current year and the preceeding five years.
The Town Budget describes the cost of providing services and functions for town residents and businesses, balancing the needs of the community with the costs of providing such services and functions. As described in the Town of Wheatland Local Government mission statement, the Town of Wheatland is committed to “provide all of the Town’s citizens and businesses with the utmost quality of basic services, directed at publicly expressed community needs, at the “least possible cost“. The Town provides a broad set of important services and functions for residents and businesses across various categories of operations, such as: Town-Wide, Town Outside of Village (TOV) and Special Districts (refer to the Town Government Services Summary for further descriptions or these categories).
Financial Management
The local Town Government carefully manages the Town’s finances to ensure an appropriate balance of revenues and services provided. The Town’s financial management techniques include a combination of industry best practices in conjunction with adherence to all requirements associated with New York State financial accounting and reporting laws and other New York governance instruments.
Annual Budget Process Schedule
-
Mid-September: The “Preliminary Budget” for the upcoming new year will be made available for public review.
-
Early October: A Public Hearing for the “Preliminary Budget” is held.
-
Late October: The Town Board adopts “Final Budget”.
New York State Property Tax Cap
The New York State Property Tax Cap applies to all school districts and local governments (i.e. counties, towns, villages and special districts) and is set at the rate of inflation or 2 percent, whichever is less. To preserve local control, the plan empowers residents to go over the cap with a 60 percent majority vote for school districts and 60 percent of the local governing body for local governments when they believe it is in the best interest of the community. The community may participate in the process because the local law is subject to a public hearing. Only limited exceptions allowed for the cap, including one-time needs for large legal settlements or limited pension growth. In order to encourage cost savings, local governments are rewarded for consolidation of services (refer to more information published in the New York State Citizen’s Guide to Consolidating Overlapping Governments).
Accounting and Reporting Practices
The Office of the State Comptroller (OSC) has basic responsibilities for the oversight of local Governments in accordance with the New York State constitution, including: the authority to perform audits, prescribe the information included in annual financial reports and prescribe a uniform system of accounts. As such, the OSC compiled a comprehensive accounting and reporting guide for local officials and others interested in accounting and financial reporting by local governments in New York State. It provides an overview of generally accepted governmental accounting and financial reporting principles and the OSC’s interpretations of such principles.