Fiscal Year
The City of Salisbury's fiscal year begins on July 1 and ends on June 30.
Fund Accounting
The General Ledger accounts of the City are maintained using Fund Accounting. Fund Accounting is an accounting system for recording resources whose use has been limited by State Statute or governing agencies. City government is a combination of several distinctly different fiscal and accounting entities and each has its own separate set of accounts. The City has four Business-type funds – Water and Sewer, Fibrant, Mass Transit, and Stormwater. Most other activities – like Police, Fire, Sanitation, Parks and Recreation, and Administration – are accounted for in the General Fund.
Budgeting
The City’s Budget Department is responsible for providing timely and accurate financial information and analysis to aid in the preparation of the Annual Budget process. This information allows City Council and City Management to directly allocate financial resources to meet desired levels of services, throughout the City. The department also prepares the Ten Year Capital Improvement Program and provides Performance Measurement through participation in a statewide benchmarking project. Our fiscal year runs from July 1st through June 30th. The City Manager serves as the Budget Officer and presents the annual budget to Council, which then holds a public hearing and budget workshop before finalizing and adopting the City’s Annual Budget. This process must be completed and a balanced budget must be adopted prior to July 1st. After adoption, the department is responsible for monitoring actual expenditures and reporting any recommended actions to City Management and City Council.