What are the procedures for establishing a municipal fiscal year?

In the state of New York, there are specific procedures that must be followed when establishing a municipal fiscal year. A fiscal year typically runs from July 1st through June 30th of the following year and must be adopted by the governing body of the municipality. The establishment of a fiscal year requires the municipality to pass a resolution. This resolution must be approved by a majority of the governing body and should detail the start and end date of the fiscal year. The resolution should also provide for any additional requirements that may be necessary for implementing the fiscal year, such as the establishment of an accounting period. The municipality should also adopt a budget for the upcoming fiscal year. This budget should take into consideration factors such as projected revenue, capital expenses, and other financial obligations of the municipality for the upcoming year. The budget must also be approved by a majority of the governing body before it can be implemented. The municipality should also create a financial plan that outlines the goals and objectives for the upcoming fiscal year. This plan should identify the appropriate funding sources for projects and services, as well as any potential investments or other financial activities. The financial plan should also include any cost-cutting measures that may be necessary to ensure the municipality’s financial stability. Once these steps are completed, the municipality must also create and approve an audit plan that will be used to review the financial activities of the previous fiscal year. This plan should be approved by a majority of the governing body and should outline the process for conducting the audit. The establishment of a fiscal year is an important step for any municipality and should be completed prior to the start of the new fiscal year. Following the procedures outlined in this answer will help ensure that a municipality is properly prepared for the upcoming fiscal year.

What are the procedures for establishing a municipal fiscal year?

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