Budget Frequently Asked Questions
What is a budget?
A plan of financial operation embodying an estimate of proposed revenues and expenditures for a given period. (A financial plan for a single fiscal year.)
What is a fiscal year?
The reporting months for budgetary and financial purposes. The Village’s fiscal year runs from January 1st through December 31st.
How and when is the budget prepared?
The budget process is started in July at the department level. At this level, each department enters their own budget into the Village of Fox Crossing’s accounting software. The Finance Department enters in the revenues and general/miscellaneous accounts.
The next level is the administrative level. At this level the Village Manager and the Director of Finance meet with each department to review their budget requests. The department must be able to justify their budget to the Village Manager. The Village Manager makes his recommendations to the Village Board.
At the board level, the Village Board holds several public meetings in the fall to discuss the proposed budget. After a consensus of the Board, a budget is published for public inspection.
An annual public hearing and special Village meeting is held to answer questions and concerns about the proposed budget.
What part of the budget are Village’s people involved in?
Any Village resident or Village taxpayer has the right to be heard on the proposed budget. All budget workshops are open to the public. An annual public hearing and special Village Board meeting is held to answer questions and concerns about the proposed budget.
What rules govern the Village of Fox Crossing when changing the adopted budget?
After adoption, the budget may be changed only by a two-thirds vote of the Village Board. In addition, the Village is required to publish a notice of the change. Pursuant to statutory requirements, the Village publishes the notice of changes made to the municipal website, under the Finance Department budget information.
Under the Village of Fox Crossing Budget Management Policy, the Village Manager is authorized to approve intra-department transfers of funds when necessary. However, Village Board approval is necessary for transfers related to payroll, capital expenditures and transferring funds from one department to another or from one fund to another.
What is a fund?
An accounting entity that has a set of self-balancing accounts and records all financial transactions for specific activities.
What is an Operating Budget?
An operating budget is a plan of current expenditures and the proposed means of financing them. The annual operating budget is the primary means by which most of the financing, acquisitions, spending and service activities of a governmental unit are controlled. It is a financial plan for recurring expenditures, such as salaries, utilities, supplies and contractual services.
What is the General Fund?
The Village of Fox Crossing’s operating budget is our general fund. This fund accounts for most of the financial resources and operating services of the Village. General fund revenues include property taxes, licenses, permits, service charges and intergovernmental revenues. The general fund includes, but not limited to, expenditures for administrative support services, law enforcement, fire protection, public works and park & recreation.
What is the Village of Fox Crossing’s capital improvement program?
The Village of Fox Crossing’s capital improvement program, as provided in the budget, is a five (5) year plan of projected road construction or reconstruction, traffic light installation, walkway projects and stormwater improvements.
What is the difference between Municipal Complex accounts and General Government accounts?
The municipal complex accounts are specifically related to the operations of the municipal complex facility. The general government accounts are for items involving the Town of Menasha as a whole. Examples of general government expenditures are bank charges, unemployment charge, personnel recruitment, Villageliability insurance, etc.
What does the property tax rate include?
The property tax rate (or mil rate) includes taxes levied by the local school district, Fox Valley Technical College, Winnebago County, State of Wisconsin, and the Village of Fox Crossing. The local school districts are Neenah Joint School District, Menasha Joint School District and Appleton Area School District.
