Policy 006: Annual Budget
POLICY STATEMENT:
It is the policy of the LGMA to provide a balanced annual budget that realistically reflects revenue sources and anticipated LGMA expenditures and estimates of relative administration, program and project costs.
POLICY BACKGROUND:
The LGMA depends on membership fees, programs and project revenues and grants to finance the administration and membership services of the LGMA. A structured annual budget is essential to provide effective financial control and accountability for the membership and agencies in doing business with the LGMA.
POLICY GOAL:
It is the goal of this policy to provide the membership with current revenue and expenditure statements, including projections for administration, committee operations, and program and project expenses.
POLICY OBJECTIVES:
- To designate the Executive Director responsible for the preparation of an annual budget for the LGMA, according to established policies and procedures and including a five year projected budget.
- To provide for operating, program and project revenues and expenses including recommendations on the use of reserve accounts, in each annual budget.
- To prepare and submit a budget, for review by the Secretary Treasurer and for presentation to the Board of Directors at the last meeting of the Board in each calendar year, for revenues and expenditures in the ensuing fiscal year.