09-17-16-Ordinance-Adopting the Fiscal Year 2016-2017 Budget-09/19/2016p 1, �.1 1 1• ��.1�. 1 1, 1 1. 1, ., 1
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FAVI 11 W 10MIN I 111101M 0111 111 140MOINK AD1391511
WHEREAS, pursuant to the laws of the State of Texas and the City Chaa-ter, the budget covering
proposed expenditures for the fiscal year beginning October 1, 2016 and ending September 30, 2017 was
filed with the City Secretary; and
WHEREAS, budget workshops were conducted by the City Council on the proposed budget at
which time the proposed budget was fully considered; and
WHEREAS, in accordance with the provisions of the City Charter and the Local Government
Code, the City Council of the City of Sanger, Texas published notice of public hearing on the budget on
August 4, 2016 and conducted public hearings on August 15, 2016 and September 6, 20169 and
WHEREAS, Chapter 2256 of the Texas Government Code, commonly known as the "Public
Funds Investment Act," requires the City to review its investment policy and investment strategies not
less than annually; and
WHEREAS, the Public Funds Investment Act requires the governing body to adopt a written
instrument by rule, order, ordinance, or resolution stating that it has reviewed the investment policy and
investment strategies and that the written instrument shall record any changes made to either the
investment policy or investment strategies; and
WHEREAS, the attached City of Sanger Investment Policy is in compliance with the Public Funds
Investment Act and requires no changes to either the investment policy or investment strategies; and
WHEREAS, The City has implemented Governmental Accounting Standards Board Statement
543 Fund Balance Reporting and Governmental Fund Type Definitions (GASB 54) and Fund balance
categories under GASB 54 are Nonspendable and Spendable and classifications under the Spendable
category are Restricted, Committed, Assigned, and Unassigned and these classifications reflect not only
the nature of funds, but also provide clarity to the level of restriction placed upon fund balance.
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SAle1GER, TEXAS:
Section 1. That the City Council adopts the budget for the City of Sanger, Texas, a copy of which
is on file in the office of the City Secretary and which hereinafter referred to as the "Budget" for the fiscal
year beginning October 1, 2016 and ending September 30, 2017.
Section 2. That the budget presented by the City Council and reviewed during the public hearing
is hereby approved and adopted for the Fiscal Year 2016-2017.
100011M,
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Enterprise Fund $1196019587
Debt Fund $8989582
4A Fund $2239106
4B Fund $5379500
Special Revenue Funds $399322
Section 3. That the City Manager be authorized to make intra and inter department fund transfers
during the fiscal year as becomes necessary in order to avoid over expenditure of any departments total
budget.
Section 4. That the City Manager be authorized to increase the budget for items received during
the year that have a corresponding revenue and expenditure such as Grants, Donations, and Insurance
Proceeds received for property damage.
Section 5. That the City of Sanger has complied with the requirements of the Public Funds
Investment Act and the City Council has reviewed the investment policy and investment strategies and
there are no changes to either the investment policy or investment strategies.
Section 6. In circumstances where an expenditure is to be made for a purpose for which amounts
are available in multiple fund balance classifications, the order in which resources will be expended is as
follows: restricted fund balance, followed by committed fund balance, assigned fund balance, and lastly
unassigned fund balance. When it is appropriate for fund balance to be assigned, the City Council hereby
delegates the authority to the City Manager. The following fund balances are committed: Equipment
Replacement Funds, Library Building Expansion Funds, Beautification Board Funds, all Donated
Funds, and Capital Projects Funds,
Section 7. This ordinance is effective immediately upon its adoption.
PASSED, APPROVED AND ADOPTED by the City Council of the City of Sanger, Texas on
this 19th day of September 2016.
City Secretary
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Thomas Muir, Mayor