Comprehensive Annual Financial Report - Fiscal Year ended 6/30/2017

Note 2. Stewardship, Compliance, and Accountability A. Budgetary information As required by the North Carolina Budget and Fiscal Control Act, the City adopts balanced budget ordinances for all funds except the trust funds which are not budgeted. The budgets shown in the financial statements reflect amounts adopted by the budget ordinances as amended and approved at the close of the day on June 30, 2017. The City adopts annual budgets prepared on the modified accrual basis for the general fund, the enterprise operating funds and the convention center financing fund. All other funds including all capital project funds and the remaining grant funds adopt project budgets. Appropriations for funds with annual budgets lapse at the end of the budget year. Capital and grant project budget appropriations do not lapse until the completion of the project or grant. The City Council may amend the budget throughout the year for new projects or other changes to existing appropriations as are needed. At June 30, 2017, the effect of such amendments, less eliminating transfers, was as follows: Original Total Budget Budget Amendments June 30, 2017 General Fund 455,491,013 $ 17,497,869 $ 472,988,882 $ Special Revenue Funds 107,442,424 9,278,881 116,721,305 General Capital Projects Funds 676,641,652 12,995,279 689,636,931 Enterprise Funds 947,831,617 25,952,922 973,784,539 Internal Service Funds 112,215,254 12,766,503 124,981,757 The appropriated budget is prepared by fund, function, and department. Appropriations are adopted at the Fund level with the exception of the General fund which is adopted at the department level and the Public Utilities Fund which is adopted at the function level. The City Manager is authorized to transfer budget amounts within a fund up to $50,000. Transfers greater than $50,000, all transfers between funds, and all amendments increasing total budgeted expenditures require City Council approval. B. Deficit net position There are no funds which report a deficit net position as of June 30, 2017. City of Raleigh _____________________________________________________________ Financial Section ____________________________________________________________ __________________________________________________________ 29 __________________________________________________________

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