Municipal Budget Act Checklist

[11 O.S. § 17-201 - 17-218]

IMPORTANT DEADLINES

  • Before June 1st – Budget Prepared & Presented to the Governing Body

  • Before June 16th – Public Hearing - Publish Notice of Date, Time, & Place of the Hearing and the Budget Summary at Least 5 Days Before the Public Hearing. Published on the Municipal Website & in a Newspaper of General Circulation. Copies of the Budget Available with the Municipal Clerk

  • Before June 24th – Adopt the Budget by Resolution

  • July 1st – Beginning of the Fiscal Year

  • July 30th – Adopted Budget Transmitted to the State Auditor

IMPORTANT REQUIREMENTS OF THE BUDGET

  • Resolution That the Governing Body Elects to Come Under the Provisions of the Municipal Budget Act

  • Budgeted Expenditures Cannot Exceed the Estimated Revenues

  • No More Than 10% of any Fund can be Budgeted for Miscellaneous Expenses

  • Expenditures Cannot Exceed 90% of Appropriations for Any Fund Until Actual Revenues Equal to Estimate are Received

  • Determine Needs of the Municipality for Sinking Fund Purposes & Include Those Requirements in the Debt Service Fund Budget

  • File the Estimate of Needs with the County Excise Board

  • Budget Shall Present a Complete Financial Plan (Past & Anticipated Revenues & Expenditures)

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