Town Budget & Financial Reports

BUDGET & FINANCIAL REPORTS

Budget

The Town of Lochbuie budget is a financial plan for the Town’s annual operations. The annual budget is a balanced budget, meaning planned expenditures do not exceed the total of revenues plus other available funds, such as fund balances.

Each annual budget addresses key initiatives and goals laid out by the Board of Trustees to achieve a high level of service to the residents of Lochbuie.

2021
The Board of Trustees adopted the 2021 Budget on December 1, 2020.

Prior Year Budgets

Budget Process

The Town of Lochbuie prepares its budget on a calendar year basis as required by state statute.  The budget must be balanced or show a revenue surplus.  "Balanced budget" is defined as "a balance between total estimated expenditures and total anticipated revenues, including surpluses."  This means that the appropriated expenditures cannot exceed the sum of the revenues and beginning fund balance.  

Public hearings on the proposed budget and mill levy certification will be announced during the budget process.The public may inspect the proposed budget after October 15 and file or register objections or suggestions before the budget is adopted in December. 

Budget FAQ's

Why do governments budget?

Simply stated, a budget is a financial plan for a determined period.  For Colorado local governments, it is a calendar year (January 1 – December 31). The budget represents:

The annual financial statement of your municipality’s proposed revenues and spending.
A tool to communicate with your community about your financial health.
A statement of your community’s priorities.
An opportunity to tell your story.

Budgeting is a necessity of governance to determine what resources are generated, in which ways, and for what purpose.  Governments have two other primary reasons for creating a budget - prioritization of services and legal requirements.  Governments provide facilities and public services to meet their resident’s needs that are paid for with public funds. The budget process provides a mechanism where elected officials, after hearing the diverse views of stakeholders including residents, taxpayers, staff, and other interested parties, can prioritize spending. The second reason for the creation of a budget is to meet the legal requirements of the State.  Statutory towns such as Lochbuie are required to prepare a budget per CRS 29-1-103.

What are the legal responsibilities of the Town regarding the budget? 

The Town Administrator presents the proposed budget for the upcoming year to the Board which must be presented not later than October 15 each year.  The Town Board may increase, decrease, or delete individual items in the proposed budget except for the debt service expenditures.  The Town Administrator must propose, and the Town Board must adopt, a balanced budget in its final form and mill levies must be certified with each county no later than December 15 each year.

How can I express my opinion to elected officials about the budget?

The most direct means of addressing elected officials regarding the budget is by participating in a public budget hearing.  These public hearings are held in the evening at Town Hall.  Notice of a budget public hearing appears in the newspaper about two weeks before the hearing.  If you wish to speak, you may sign up at the public hearing site the evening of the hearing.

Once the budget is approved, can it be changed?

After the final approval of the budget by the Town Board, only limited types of changes can be made.  A Department may transfer its funds internally from one expenditure category to another in the same fund should the need arise.  Money cannot be moved from one fund to another without approval of the Town Board.

Amendments are necessary when appropriated values are insufficient to allow for expenditures.

• Amendment – to move money from one appropriated fund to another
• Supplement – to authorize the expenditure of unanticipated revenue
• Revision – reduction of appropriation to reduce expenditure levels

Financial Reports 

The Town prepares monthly and annual financial reports to promote accountability and transparency.

Monthly Financial Reports

The monthly financial report provides information on revenues and expenditures compared to the current year budget and prior year actual for all funds.  The reports are included in the board packet that is presented at the second Board of Trustees meeting each month.