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Form 1125-A online Costa Mesa California: What You Should Know
After being reviewed and approved by Finance, the budget is formally submitted to the City Council in April. At that meeting, the Council considers the budget (a draft version of which is made public at the public hearing in May) and approves the proposed Budget. The budget is adopted by the City Council at the second meeting of the budget year in June. The Council has the power to determine how the amount of revenue to be raised over the projected 2024 – 2024 Fiscal Year budget will be used to meet the City's priorities. 5. From the City Council's approval of the budget, the Treasurer of the City of Costa Mesa collects the estimated amount of money needed, which is then placed into escrow for the purpose of funding the City's operating expenses and capital projects. 6. The City Treasurer then prepares an estimated statement of expenses — known as a Statement of Financial Operations — which provides the balance between receipts (taxes, fees, etc.) the City has collected from various sources and expenses, as reported to the Treasurer (such as salaries, legal and related expenses, etc.) 7. After the City Treasurer has prepared the Statement of Financial Operations, it is sent to Finance for approval. 8. On the following day, Finance completes an estimate of the amount of revenue expected from certain categories of business operations (such as construction, repairs, utilities and related expenses and sales). This estimate is known as the budget estimate (Budget) 9. The Budget is approved by Finance in the form of a proposed budget. The City Council then approves or declines to approve the proposed budget. 10. After the Budget is approved by the City Council, Finance prepares a statement of accounts — known as a statement of financial standing — to provide information on each department and individual. 11. The Statement of Financial standing is sent to the City Treasurer who then prepares the City's General Funds Receipts for that fiscal year. 12. The Treasurer uses General Funds Receipts, to pay the City's general liabilities (such as bonds and other debt obligations), and its obligations to the City. 13. After General Funds Receipts are made available, the General Tax Fund from which these receipts originate is available for distribution in accordance with law. The General Tax Fund is used to pay for services other than those funded by the Taxpayer Bill of Rights. 14. The City Treasurer prepares a General Fund Receipts report for each of the City departments and offices.
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