What are the procedures for establishing a municipal fiscal year?
In Oklahoma, establishing a municipal fiscal year is a relatively straightforward process. Generally, the Local Budget Law covers the details of this procedure, with the various documents and requirements that must be filed for a municipality to establish its own fiscal year. Before beginning, the municipal governing body must first decide on the length of the fiscal year. Most city fiscal years will last from either July 1st to June 30th, or October 1st to September 30th. The governing body must then submit an ordinance or resolution setting forth the specific dates of the proposed fiscal year. Once the local government has passed the ordinance or resolution, the next step is to attach a copy of the approved ordinance or resolution to the Budget Law. This includes the dates, start date, and end date of the fiscal year. From here, the municipality must draft and adopt a budget for the upcoming fiscal year. This document should include estimated revenues, expected expenditures, and other financial information. Once completed, the budget should be filed with the County Treasurer or County Assessor. Finally, the municipality must publish the budget and fiscal year ordinance or resolution in a local newspaper. Once these steps are completed, the municipality will have successfully established its own fiscal year.
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