Local Government Code of 1991
Section 314. Form and Content. -
(a) Local government budgets shall primarily consists of two (2) parts:
(1) The estimates of income; and
(2) The total appropriations covering the current operating expenditures and capital outlays.
(b) The budget document shall contain:
(1) A budget message of the local chief executive setting forth in brief the significance of the executive budget, particularly in relation to the approved local development plan;
(2) A brief summary of the functions, projects, and activities to be accomplished in pursuit of the goals and objectives of the local government unit for the ensuing fiscal year, specifically the delivery of basic services or facilities enumerated under Section 17 of this Code;
(3) Summary of financial statements setting forth:
(i) The actual income and expenditures during the immediately preceding year;
(ii) The actual income and expenditures of the first two (2) quarters and the estimates of income and expenditures for the last two (2) quarters of the current fiscal year;
(iii) The estimates of income for the ensuing fiscal year from ordinances and laws existing at the time the proposed budget is transmitted, together with other proposals;
(iv) The estimated expenditures necessary to carry out the functions, projects, and activities of the local government unit for the ensuing fiscal year;
(v) All essential facts regarding the bonded and other long-term obligations and indebtedness of the local government unit, if any;
(vi) Summary statement of all statutory and contractual obligations due; and
(vii) Such other financial statements and data as are deemed necessary or desirable in order to disclose in all practicable detail the financial condition of the local government unit.