Peters Township Financial Goals and Policies

In doing so, Council decides which services and programs will be offered and
at what level of service in the upcoming year. Because the budget adoption
provides an operational roadmap for the year it is important that the process
encourages public involvement, is transparent, and provides information to
assist in decision-making.

Financial Goal
Financial goals are broad and enduring guiding principles concerning the
financial position that the Township desires to attain over the long term. The
financial goals of Peters Township are:

Provide a revenue structure that is dynamic and diverse as to allow

the Township the opportunity to deliver services that residents and
businesses of the community need and desire.

Maintain a strong credit rating

Deliver services to residents and businesses in a manner that

maximizes value by focusing on quality and cost effectiveness

Provide professional financial management to insure that the

budgeting, accounting and auditing processes complies with
recognized standards, provides appropriate controls, encourages
public involvement, is transparent, and provides information to assist
in decision-making.

The budgetary policies of Peters Township are:

The Peters Township Council will adopt annual operating budget for
the General Fund, Special Revenue Funds, Debt Service Funds, and
the Capital Projects Fund.

Annual operating budgets will be adopted on a balance basis. This

means that current year revenues will equal or exceed operating
expenses and reoccurring capital expenses. Nothing in this policy
shall prohibit the use of operating revenues or existing fund balances
for the purpose of funding capital projects.

Expenditures may not legally exceed the budgeted appropriation and

the function level. As a matter of policy, supplemental appropriations
are requested whenever expenditures exceed appropriations at the
program level.
Only Council may take action to amend
appropriations. Formal budgeting integration is a managerial control
device for General Fund, Special Revenue Funds, Capital Project
Funds and Debt Service Funds. No budgets are required or adopted
for Pension Trust Funds.

Budgets are adopted as on-line item basis by departments. At any

time during the year, the Township Manager may transfer monies
among programs within a department. Appropriation transfers
between departments require Council to adopt an ordinance
amending the budget.

Budgeting is done on a cash basis while the financial statements are

prepared on a modified accrual basis. The differences between
these two methods include:
o The budget does not recognize depreciation expense

Financial Policies
A financial policy is a plan or course of action designed to set parameters for
decisions and actions of the Township. Financial Policies are derived from
the Townships established financial goals and are intended to support the
implementation of those goals. The financial policies of Peters Township fall
into six categories. These include Budget, Revenue, Expenditure, Debt,
Investment and Budgeting, Accounting, Auditing, & Financial Reporting
Policies. The financial policies of Peters Township are:

Budget Policy
The Peters Township Home Rule Charter a0nd the Peters Township
Administrative Code prescribes the budget process for Peters Township. The
process utilized to developed and implement the Townships budget adheres
to that which is provided for in the charter.
Within a budget document municipal governments provide definition to goals
and objectives by allocating funds amongst a variety of budgetary categories.

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